At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
- \(\frac{1}{2}\)%
- 2\(\frac{1}{2}\)%
-
1.5%
- 25%
The correct answer is: C
Explanation
Interest I = \(\frac{PRT}{100}\)
∴ R = \(\frac{100 \times 1}{100 \times 5}\)
= \(\frac{100 \times 7.50}{500 \times 5}\)
= \(\frac{750}{500}\)
= \(\frac{3}{2}\)
= 1.5%
There is an explanation video available .