The simple interest on ₦8550 for 3 years at x% per annum is ₦4890. Calculate the value of x to the nearest whole number.
-
A.
19% -
B.
20% -
C.
25% -
D.
16.3%
Correct Answer: Option A
Explanation
S.I = (frac{PRT}{100})
(implies) N 4890 = (frac{8550 times 3 times x}{100})
(x = frac{4890 times 100}{8550 times 3})
(x = 19.06%)
(x approxeq 19%)
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