Answer:
Rate is 8.5%
Step-by-step explanation:
Step 1: Write the given terms
Principal (p)=Rs8800
Rate(r)=?
Time(t)=3.5 years
Interest=Rs2618
Step 2: Write the formula for calculating Simple interest
[tex]i = \frac{prt}{100} [/tex]
Step 3: Make r the subject of the equation
[tex]by \: cross \: multiplication \\ 100i = prt \\ divide \: both \: sides \: by \: pt \\ r = \frac{100i}{pt} [/tex]
Step 4: Find the value of r by substituting the values in step 1
[tex]r = \frac{100 \times 2618}{8800 \times 3.5} \\ r = \frac{261800}{30800} \\ r = 8.5[/tex]
Hence, the rate is 8.5%
