The simple interest on ₦8550 for 3 years at x% per annum is ₦4890. Calculate the value of x to the nearest whole number.
A
19%
B
20%
C
25%
D
16.3%
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
S.I = \(\frac{PRT}{100}\)
\(\implies\) N 4890 = \(\frac{8550 \times 3 \times x}{100}\)
\(x = \frac{4890 \times 100}{8550 \times 3}\)
\(x = 19.06%\)
\(x \approxeq 19%\)
Source: Myschool Past Questions Archive (Record #55062)