At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?

At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?

Answer Details

nterest I = PRT100 $\frac{PRT}{100}$

∴ R = 100×1100×5 $\frac{100\times 1}{100\times 5}$

= 100×7.50500×5 $\frac{100\times 7.50}{500\times 5}$

= 750500 $\frac{750}{500}$

= 32 $\frac{3}{2}$

= 1.5%