Step-by-step explanation:
Step 1 :Write all the given value
Given
Princilal(P)= $3000
Time(T) =5year
Intrest(I) = $1050
Rate(R) =?
Step 2 : Finding rate using simple intrest formula
We know that
I =PTR/100
or 100I =PTR
or R =100I/PT
= 100* 1050/(5*3000)
= 105 /(5*3)
= 105/15
= 7%pa
Therefore Rate is 7%pa
