Answer:
Rate of interest = 99.99%
Step-by-step explanation:
The computation of the rate of interest is shown below:
Given that
The amount after 5 years is 10,000
And, after 8 years it is 15,000
so for 3 years, it is
= 15000 - 10000
= 5000
Now the simple interest for one year
= 5000 ÷ 3
And, for five years, its is = 5000 ÷ 3 × 5
= 8333.33
Now the principal amount is
= 10,000 - 8333.33
= 1666.67
Now finally the rate of interest is
8333.33 = 1666.67 × Rate of interest × 5
Rate of interest = 99.99%
