The simple interest rate is 9% if the Tk 13000 will be Tk 18850 as profit-principal in 5 years.
It is defined as the interest on based on the principal amount, it does not include the compounded amount. The interest calculates on the initial amount of borrowed amount.
We have given:
The principal amount, P = Tk 13000
Final amount A = Tk 18850
Number of years n = 5 years
Rate = r
I = A - P
I = 18850 - 13000 = Tk 5850
I = Pnr
5850 = 13000(5)(r)
r = 0.09
r = 9%
Thus, the simple interest rate is 9% if the Tk 13000 will be Tk 18850 as profit-principal in 5 years.
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