Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
- 6%
-
8%
- 10%
- 12%
The correct answer is: B
Explanation
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%
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