JAMB - Mathematics (2020 - No. 26)
Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
6%
8%
10%
12%
Uitleg
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%