Answer:
the rate of interest be 5%
Step-by-step explanation:
The computation of the interest rate is shown below:
As we know that
Amount = Principal × (1 + rate of interest)^time period
₹32,560 = ₹22,000 × (1 + rate of interest)^8
₹32,560 ÷ ₹22,000 = (1 + rate of interest)^8
1.48 = (1 + rate of interest)^8
After solving this, the rate of interest be 5%
