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At what rate would a sum of N100.00 deposited for 5 years raise an interest…

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%
Correct Answer: Option C
Explanation

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%

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