Find the simple interest rate percent annum at ... - JAMB Mathematics 2020 Question
Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
A
6%
B
8%
C
10%
D
12%
correct option: b
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\)
= 8%
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