Udoh deposited N150.00 in the bank. At the end of 5 years the simple interest...

JAMB 1986

Udoh deposited N150.00 in the bank. At the end of 5 years the simple interest on the principal was N55.00. At what rate per annum was the interest paid?

A. 11%
B. 7\(\frac{1}{3}\)%
C. 5
D. 3\(\frac{1}{2}\)%

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Correct Answer: Option B

Explanation

S.I = \(\frac{PTR}{100}\)

R = \(\frac{100}{PT}\)

\(\frac{100 \times 50}{150 \times 6}\) = \(\frac{22}{3}\)

= 7\(\frac{1}{3}\)%

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Udoh deposited N150.00 in the bank. At the end of 5 years the simple interest...

Correct Answer: Option B

Explanation

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