Find the simple interest on N30,000.00 for 3½ years at 5% per annum.
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Correct Answer: Option A
Explanation:
Simple interest (SI) is calculated using the formula SI = PRT/100. Here, P = N30,000, R = 5%, T = 3.5 years.
\(SI = \frac{30,000 \times 5 \times 3.5}{100} = N5,250.00\)
Simple interest (SI) is calculated using the formula SI = PRT/100. Here, P = N30,000, R = 5%, T = 3.5 years.
\(SI = \frac{30,000 \times 5 \times 3.5}{100} = N5,250.00\)