At what rate per cent per annum will N520.00 yield a simple interest of N39.00 in three years?
- 4%
- 3\(\frac{1}{2}\)%
- 3%
-
2\(\frac{1}{2}\)%
The correct answer is: D
Explanation
SI = \(\frac{PRT}{100}\)39 = \(\frac{520 \times R \times 3}{100}\)
1560R = 3900
R = \(\frac{3900}{1560}\)
= 2.5%
R = 2\(\frac{1}{2}\)%