Correct Answer: Option B

Explanation

Using simple interest = \(\frac{P \times T \times R}{100}\),

where: P denoted principal = N400
T denotes time = 3 years
R denotes interest rate = ?

24 = \(\frac{400 \times 3 \times R}{100}\)

24 x 100 = 400 x 3 x R

R = \(\frac{24 \times 100}{400 \times3}\)

= 2%

There is an explanation video available below.

• Pls how do I subscribe to UI post jamb past questions? Answer this

  2 Answers   ·   Medical Science   ·   7 hours ago
• Pls I scored 168 can I still study public administration in oou? Answer this

  1 Answers   ·   1 hour ago
• my Waec is good, Can I study human nutrition and dietetics in Imsu with 174 score in jamb? Answer this

  0 Answers   ·   1 hour ago