If N2,500.00 amounted to N3,50.00 in 4 years at simple interest, find the rate at…

Mathematics WAEC 2012

If N2,500.00 amounted to N3,50.00 in 4 years at simple interest, find the rate at which the interest was charged

  • 5%
  • 7\(\frac{1}{2}\)%
  • 8%
  • 10% checkmark

The correct answer is: D

Explanation

A = 3,500, P = N2,500

A = P + I

But I = N3,500 - N2,500

I = N1,000

I = \(\frac{PRT}{100}\)

N1,000 = \(\frac{2.500 \times R \times 4}{100}\)

1000 = 100R

R = \(\frac{1000}{100}\)

= 10%
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