At what rate will the interest on ₦400 increases to ₦24 in 3 years reckoning in simple interest?

Assessment: JAMB UTME - Mathematics - 2010 Subject: General Mathematics

Question 1 Report

At what rate will the interest on ₦400 increases to ₦24 in 3 years reckoning in simple interest?
Answer Details
The formula for simple interest is: I = PRT Where: I = Interest P = Principal R = Rate T = Time We are given the following information: P = ₦400 I = ₦24 T = 3 years Substituting these values into the formula and solving for R: 24 = 400 * R * 3 R = 24 / (400 * 3) = 0.02 = 2% Therefore, the answer is 2%. The rate at which the interest on ₦400 increases to ₦24 in 3 years reckoning in simple interest is 2%.

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