Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
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Correct Answer: Option B
Explanation:
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%