The simple interest on ₦8550 for 3 years at x% per annum is ₦4890. Calculate the value of x to the nearest whole number.
-
19%
- 20%
- 25%
- 16.3%
The correct answer is: A
Explanation
S.I = \(\frac{PRT}{100}\)
\(\implies\) N 4890 = \(\frac{8550 \times 3 \times x}{100}\)
\(x = \frac{4890 \times 100}{8550 \times 3}\)
\(x = 19.06%\)
\(x \approxeq 19%\)
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