2015
Mathematics
67ca00ce0c643c71d77dee1f
Find at which rate per annum simple interest N525 will amount to N588 in 3 years.
A.
3%
B.
2%
C.
5%
D.
4%
Correct Answer: 4%
Explanation
I = A − P = N588 − N525 ∴I = N63 I = PRT ÷ 100 R = [100I ÷PT] R = [(100 × 63 ) ÷ (525 × 3)] = (6300 ÷ 1575) = 4 ∴ The rate = 4 %
I = A − P = N588 − N525 ∴I = N63 I = PRT ÷ 100 R = [100I ÷PT] R = [(100 × 63 ) ÷ (525 × 3)] = (6300 ÷ 1575) = 4 ∴ The rate = 4 %THIS WEEK's
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