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JAMB Mathematics 1990 Question 4

Question 4

Commercial Arithmetic

At what rate would a sum of ₦100.00 deposited for 5 years raise an interest of ₦7.50?

  1. A.1½%
  2. B.2½%
  3. C.15%
  4. D.25%
Show the answer and explanation

Answer: A (1½%)

Explanation

Simple interest I = PRT/100, so 7.50 = 100 × R × 5/100 = 5R. Hence R = 1.5%.