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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**

**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:**

**Option A is not correct.****Option B is not correct.****C is correct.****D is not the correct answer.**

**KEY-POINTS…**

**You may please note these/this:**

**Simple interest I = PRT/100.**

**If you love our answers, you can simply join our community and also provide answers like this, fellow learners like you will appreciate it.**

**/ culled from 20****21**** JAMB-UTME**** MATHEMATICS**** question**** 11 ****/**