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Earlier discussion
3 older comments kept for context.
Ali Benjamin
It’s not a mistake @Timothy Godspower
To really prove that I=36,
The formula for Interest (I) = Amount- Principal
= 516 - 480
= 36
:- Interest is equals to 36.
Now to get the rate of interests
Interest = (Principal x Rate x Time) /100
Interest = 36
Principal = 480
Time = 3years
Rearranging the formula to solve for Rate;
Rate = (Interest x 100) / (Principal x Time)
= (36 x 100) / (480 x 3)
= 3600 / 1440
= 2.5% (B)
Lee Chung cha
But 516 is what is on the question
Timothy Godspower
I = 36; it's not 516
P = 480
T = 3
I = PRT/100
Therefore
R = I100/PT
Substituting our value
R = 36 × 100 / 480×3
R = 2.5%. that's it.