The rate of interest applied on the amount is 15%.
According to the statement
we have given that the sum of money amounts to Rs. 2175 in 3 years and to Rs. 2625 in 5 years.
And we have to find the rate of interest on this money.
So, For this purpose,
The given equation is:
Money in 3 years = 2175
Money in 5 years = 2625
Amount increased in 2 years = 2625-2175
Amount increased in 2 years = 450
And amount increased per year = 450/2
Amount increased per year = 225.
SI in 3 years=450/2 *3=Rs. 675
Principal amount= 2175-675=1500
so again,
R=(I*100)/(P*T)
R=15%
So, The rate of interest applied on the amount is 15%.
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