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

Assessment: JAMB UTME - Mathematics - 2021 Subject: General Mathematics

Question 1 Report

At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
Answer Details
nterest I = PRT100 P R T 100

∴ R = 100×1100×5 100 × 1 100 × 5

= 100×7.50500×5 100 × 7.50 500 × 5

= 750500 750 500

= 32 3 2

= 1.5%

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