WAEC - Mathematics (2007 - No. 46)
At what rate per cent per annum will N520.00 yield a simple interest of N39.00 in three years?
4%
3\(\frac{1}{2}\)%
3%
2\(\frac{1}{2}\)%
Explanation
SI = \(\frac{PRT}{100}\)
39 = \(\frac{520 \times R \times 3}{100}\)
1560R = 3900
R = \(\frac{3900}{1560}\)
= 2.5%
R = 2\(\frac{1}{2}\)%
39 = \(\frac{520 \times R \times 3}{100}\)
1560R = 3900
R = \(\frac{3900}{1560}\)
= 2.5%
R = 2\(\frac{1}{2}\)%
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