P naira invested for 4 years invested for 4 years at r% simple interest per annum yields 0.36 p naira interest. Find the value of r
- 1\(\frac{1}{9}\)
- 1\(\frac{4}{9}\)
-
9
- 11
The correct answer is: C
Explanation
I = \(\frac{PRT}{100}\)where r = r% p.a; I = 0.36p
0.36p = \(\frac{P \times r \times 4}{100}\)
\(\frac{0.36 \times 100}{4}\) = r
r = 9