At what rate per cent per annum will N520.00 yield a simple interest of N39.00 in three years?

Assessment: WAEC SSCE - General Mathematics - 2007 (Objective) Subject: General Mathematics

Question 1 Report

At what rate per cent per annum will N520.00 yield a simple interest of N39.00 in three years?
Answer Details
We can use the formula for simple interest: Simple Interest = (P * r * t) / 100 where P is the principal, r is the rate of interest per annum, and t is the time period in years. We are given that P = N520.00 and the simple interest, SI = N39.00. We are also given that the time period is 3 years. Substituting these values into the formula, we get: N39.00 = (N520.00 * r * 3) / 100 Simplifying this equation, we get: r = (N39.00 * 100) / (N520.00 * 3) = 2.5% Therefore, the rate of interest per annum is 2.5%. So, the correct option is: - 2\(\frac{1}{2}\)%

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