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

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**At what rate would a sum of **~~N~~100.00 deposited for five years raise an interest of ~~N~~7.50?

**A.**** ****15%**

**B.**** ****2 ½ %**

**C.**** ****1 ½ %**

**D.**** ****25%**

**QUICK ANSWER…**

**C**

**DETAILS…**

**Recall that simple interest = PRT/100**

**Where P = principal = 100**

**R = rate = ?**

**T = time = 5**

**Interest = 7.5**

**So, 7.5 = ( 100 **

**×**

**R**

**×**

**5)/**~~100~~

**7.5 = 5R**

**R = 7.5/5 = 1.5% or 1 ½ %**

**Now for the right answer to the above question:**

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

**KEY-POINTS…**

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

**Simple interest = PRT/100****Always ensure that the time is in years, if the time was given in months, the you will have to convert to years.****If you love our answers, you can login to comment and say hi to us at the comment section…**

**To raise new related question****s, c****lick the ASK A QUESTION BOTTON down this page…**

**/ culled from 2020 JAMB-UTME mathematics past question 37 /**