Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years
- 6%
-
8%
- 10%
- 12%
The correct answer is: B
Explanation
1 = \(\frac{PRT}{100}\)1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%