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Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in...

Mathematics
JAMB 1997
Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years
  • A. 6%
  • B. 8%
  • C. 10%
  • D. 12%
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Correct Answer: Option B
Explanation
1 = \(\frac{PRT}{100}\)

1 = 1240 - 1000

= 240

R = \(\frac{240 \times 100}{100 \times 3}\)%

= 8%
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