At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
A
\(\frac{1}{2}\)%
B
2\(\frac{1}{2}\)%
C
1.5%
D
25%
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
Interest I = \(\frac{PRT}{100}\)
∴ R = \(\frac{100 \times 1}{100 \times 5}\)
= \(\frac{100 \times 7.50}{500 \times 5}\)
= \(\frac{750}{500}\)
= \(\frac{3}{2}\)
= 1.5%
Source: WAEC / JAMB / NECO Classroom Archive (Record #60672)