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?

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 = $\frac{PTR}{100}$
R = $\frac{100}{PT}$
$\frac{100\times 50}{150\times 6}$ = $\frac{22}{3}$
= 7$\frac{1}{3}$%