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

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MATHS

At what rate would a sum of N100.00 deposited for five years raise an interest of N7.50?

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 %

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Now for the right answer to the above question:

  1. Option A is incorrect.
  2. Option B is incorrect.
  3. C is correct.
  4. 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.
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/ culled from 2020 JAMB-UTME mathematics past question 37 /

1 Answers

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