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JAMB Mathematics 1997 Question 8

Question 8

Commercial Arithmetic

Find the simple interest rate per cent per annum at which N1000 accumulates to N1240 in 3 years.

  1. A.6%
  2. B.8%
  3. C.10%
  4. D.12%
Show the answer and explanation

Answer: B (8%)

Explanation

The interest is N240. R = 100I/(PT) = (100 × 240)/(1000 × 3) = 8%.