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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 %
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
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:
- Option A is not correct.
- Option B is not correct.
- C is correct.
- D is not the correct answer.
You may please note these/this:
- Simple interest I = PRT/100.
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/ culled from 2021 JAMB-UTME MATHEMATICS question 11 /