Significance of Rank of Matrix

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Why we determine the Rank of Matrix ?

Instead of this just asking for my info : What is the easiest way to find Rank of Matrix ?

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When you know the rank of a matrix you can derive properties of the associated linear map. The rank is equal to the dimenson of the image. In case of square matrices you can conclude whether they are invertible (full rank) or not. By well known formulas you learn in linear algebra courses you can conclude or estimate the dimension of the kernel.

Among the best known methods to calculate the rank is the the Gauss elimination method. Whether it's the simplest depends on what you call simple.