JAMB - Mathematics (1997 - No. 6)
Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years
6%
8%
10%
12%
Shpjegimi
1 = \(\frac{PRT}{100}\)
1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%
1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%