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At what rate would a sum of N100 deposited for 5 years…

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At what rate would a sum of N100 deposited for 5 years raise an interest of N7.50?

A. ½ %

B. 2 ½ %

C. 1.5%

D. 25%

QUICK ANSWER…

C

DETAILS…

At a rate of 1.5%, a sum of N100.00 deposited for 5 years would raise an interest of N7.50

Simple interest I = PRT/100

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Data given:

I = simple interest = N7.5

R = rate =?

P = principal = N100

T = 5 years

Thus, substituting, we have:

7.5 = (100 × R × 5)/100

7.5 = (100 × R × 5)/100

7.5 = 5R

R = 7.5/5 = 1.5%

Now for the right answer to the above question:

  1. Option A is not correct.
  2. Option B is not correct.
  3. C is correct.
  4. D is not the correct answer.

KEY-POINTS…

You may please note these/this:

  • Simple interest I = PRT/100.

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/ culled from 2021 JAMB-UTME MATHEMATICS question 11 /

1 Answers

  1. 0 Votes Thumb up 0 Votes Thumb down 0 Votes

    The formula for calculating Simple interest I = PRT/100.

    Admin - Mar 28, 2022 | Reply


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