Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years
A
6%
B
8%
C
10%
D
12%
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
1 = \(\frac{PRT}{100}\)
1 = 1240 - 1000
= 240
R = \(\frac{240 \times 100}{100 \times 3}\)%
= 8%
Source: Myschool Past Questions Archive (Record #30795)