Answer:
simple interest = 7%
compound interest = 6.56% (2 dp)
Step-by-step explanation:
Depends if its compound or simple interest
Simple interest
6050 - 5000 = 1050
1050 ÷ 3 = 350
350/5000 = 0.07 = 7%
Compound interest
5000 x (1 + r)^3 = 6050
(1 + r)^3 = 1.21
1 + r = 1.065602237...
r = 0.06560223677... = 6.56%
