At what rate per cent per annum will N520.00 yield a simple interest of N39.00 in three years?
A
4%
B
3\(\frac{1}{2}\)%
C
3%
D
2\(\frac{1}{2}\)%
Verified Correct Answer: D.
Step-by-Step Mathematical Solution
SI = \(\frac{PRT}{100}\)
39 = \(\frac{520 \times R \times 3}{100}\)
1560R = 3900
R = \(\frac{3900}{1560}\)
= 2.5%
R = 2\(\frac{1}{2}\)%
Source: Myschool Past Questions Archive (Record #36286)