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?

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%