Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
A
6%
B
8%
C
10%
D
12%
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
I = \(\frac{PRT}{100}\) = 1 = 1240 - 1000 = 240
R = \(\frac{240 \times 100}{100 \times 3}\) = 8%
Source: Myschool Past Questions Archive (Record #56834)