Question on: JAMB Mathematics - 2010
At what rate will the interest on N400 increases to N24 in 3 years reckoning in simple interest?
A
3%
B
2%
C
5%
D
4%
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Correct Option: B
Using simple interest = (\frac{P \times T \times R}{100}),
where: P denoted principal = N400
T denotes time = 3 years
R denotes interest rate = ?
24 = (\frac{400 \times 3 \times R}{100})
24 x 100 = 400 x 3 x R
R = (\frac{24 \times 100}{400 \times3})
= 2%
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