A man invested N5,000 for 9 months at 4%. What is the simple interest?
A
N150
B
N220
C
N130
D
N250
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
S.I. = \(\frac{P \times R \times T}{100}\)
If T = 9 months, it is equivalent to \(\frac{9}{12}\) years
S.I. = \(\frac{5000 \times 4 \times 9}{100 \times 12}\)
S.I. = N150
Source: Myschool Past Questions Archive (Record #27414)