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})%
Correct Answer: Option D
Explanation
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})%