Question on: JAMB Mathematics - 2024
Find at which rate per annum simple interest N525 will amount to N588 in 3 years.
A
3%
B
2%
C
5%
D
4%
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Correct Option: D
Given: P = N525, A = N588, t = 3 years. Find r.
Simple interest formula: A = P + (P x r x t) / 100
Substitute values: 588 = 525 + (525 x r x 3) / 100
63 = (525 x r x 3) / 100
6300 = 525 x r x 3
r = 6300 / (525 x 3) = 4%
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