1 Answers
At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
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At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
A. 2 ½ %
B. 1 ½ %
C. 15%
D. 25%
QUICK ANSWER…
B
DETAILS…
Where P = principal
R = rate
T = time
Data given:
Simple interest = N7.5
P = N100
R = ?
T = 5
Substituting accordingly, we have:
7.5 = (100 × R × 5)/100
Multiplying both sides with 100, we have:
750 = 500R
R = 75/50 = 75/50 = 3/2 = 1 ½ %
Now for the right answer to the above question:
- Option A is incorrect.
- Option B is correct.
- C is incorrect.
- D is not the correct answer.
KEY-POINTS…
You may please note these/this:
- Simple interest = PRT/100
- Time is usually expressed in years, if you encounter a question given in months, you must convert to years before applying this formula.
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/ culled from 2020 JAMB-UTME mathematics past question 02 /