Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years
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Correct Answer: Option B
Explanation:
1 = \(\frac{PRT}{100}\)
1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%
1 = \(\frac{PRT}{100}\)
1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%