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JAMB Mathematics 1986 Question 9

Question 9

Commercial Arithmetic

Udoh deposited ₦150.00 in the bank. At the end of 5 years the simple interest on the principal was ₦55.00. At what rate per annum was the interest paid?

  1. A.11%
  2. B.7⅓%
  3. C.5%
  4. D.3½%.
Show the answer and explanation

Answer: B (7⅓%)

Explanation

R = 100 × I/(P × T) = 100 × 55/(150 × 5) = 22/3 = 7⅓%.