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?

Question 1 Report

11%

7

\frac{1}{3}

%

5

3

\frac{1}{2}

%

Answer Details

.I = $\frac{P T R}{100}$
R = $\frac{100}{P T}$
$\frac{100 \times 50}{150 \times 6}$ = $\frac{22}{3}$
= 7 $\frac{1}{3}$ %

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