If the simple interest on $5000 for 8 years is $2000. then what is the rate?

The rate is %?

Rate of Interest is 5%.

Step-by-step explanation:

Step 1: Given details are Principal (P) = $5000, Simple Interest (SI) = $2000, Time (T) = 8 years Step 2: Calculate rate of Interest (R) by substituting values in the formula for SI = PRT/100

⇒ 2000 = 5000 * R * 8/100

⇒ 200 = 40 R

⇒ R = 5%