At what rate would a sum of N100 deposited for five years raise…
At what rate would a sum of
N100.00 deposited for five years raise an interest of N7.50?
B. 2 ½ %
C. 1 ½ %
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.
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 /