Find at which rate per annum simple interest ₦525 will amount to ₦588 in 3 years.

Answer Details

To find the rate per annum of simple interest, we can use the formula: Simple Interest = (Principal * Rate * Time) / 100 where Principal is the initial amount, Rate is the interest rate per annum, and Time is the time period in years. In this case, we know that the Principal is ₦525, the Simple Interest is ₦588 - ₦525 = ₦63, and the Time is 3 years. Substituting these values into the formula, we get: 63 = (525 * Rate * 3) / 100 Simplifying the equation, we get: Rate = (63 * 100) / (525 * 3) = 4% Therefore, the rate per annum of simple interest that will amount to ₦588 in 3 years is 4%.