P naira invested for 4 years invested for 4 years at r% simple interest per annum yields 0.36 p naira interest. Find the value of r

Answer Details

We can use the formula for simple interest, which is: I = P * r * t Where I is the interest earned, P is the principal (initial amount invested), r is the annual interest rate, and t is the time in years. In this problem, we know that the interest earned is 0.36P, the principal is P, and the time is 4 years. Substituting these values into the formula, we get: 0.36P = P * r * 4 Simplifying the equation, we can divide both sides by P * 4: 0.36 = r * 4 r = 0.36 / 4 r = 0.09 or 9% Therefore, the answer is option (C) 9.