Udoh deposited ₦150.00 in the bank. At the end of 5 years the simple interest on the principal was ₦55.00. At what rate per annum was the interest paid?

Assessment: JAMB UTME - Mathematics - 1986 Subject: General Mathematics

Question 1 Report

Udoh deposited ₦150.00 in the bank. At the end of 5 years the simple interest on the principal was ₦55.00. At what rate per annum was the interest paid?
Answer Details
.I =  P T R 100
R =  100 P T
100 × 50 150 × 6  =  22 3
= 7 1 3 %

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