Find at which rate per annum simple interest N525 will amount to N588 in 3 years.
- 3%
- 2%
- 5%
-
4%
The correct answer is: D
Explanation
I = A − P= N588 − N525
∴I = N63
I = PRT ÷ 100
R = [100I ÷PT]
R = [(100 × 63 ) ÷ (525 × 3)]
= (6300 ÷ 1575) = 4
∴ The rate = 4 %
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