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%