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

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%