Udoh deposited N150.00 in the bank. At the end of 5 years the simple interest on the principal was N55.00. At what rate per annum was the interest paid?
A
11%
B
7\(\frac{1}{3}\)%
C
5
D
3\(\frac{1}{2}\)%
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
S.I = \(\frac{PTR}{100}\)
R = \(\frac{100}{PT}\)
\(\frac{100 \times 50}{150 \times 6}\) = \(\frac{22}{3}\)
= 7\(\frac{1}{3}\)%
Source: Myschool Past Questions Archive (Record #32023)