Find the simple interest rate percent per annum at which ₦1,000 accumulates to ₦1,240 in 3 years

Assessment: JAMB UTME - Mathematics - 1997 Subject: General Mathematics

Question 1 Report

Find the simple interest rate percent per annum at which ₦1,000 accumulates to ₦1,240 in 3 years
Answer Details
The formula for simple interest is: I = P * r * t Where: I = Interest P = Principal (initial amount borrowed or invested) r = Interest rate per annum (as a decimal) t = Time in years From the given information: P = ₦1,000 I = ₦1,240 - ₦1,000 = ₦240 t = 3 years Substituting these values into the formula, we get: 240 = 1000 * r * 3 Simplifying the equation, we get: r = 240 / (1000 * 3) = 0.08 Converting to a percentage, we get: r = 0.08 * 100% = 8% Therefore, the simple interest rate percent per annum is 8%. Answer: 8%
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