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

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A. ½ %

B. 2 ½ %

C. 1.5%

D. 25%

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

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