Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years

A.
6% 
B.
8% 
C.
10% 
D.
12%
Correct Answer: Option B
Explanation
1 = (frac{PRT}{100})
1 = 1240 – 1000
= 240
R = (frac{240 times 100}{100 times 3})%
= 8%