Udoh deposited N150.00 in the bank. At the end of 5 years the simple interest on the principal was N55.00. At what rate per annum was the interest paid?

A.
11% 
B.
7(frac{1}{3})% 
C.
5 
D.
3(frac{1}{2})%
Correct Answer: Option B
Explanation
S.I = (frac{PTR}{100})
R = (frac{100}{PT})
(frac{100 times 50}{150 times 6}) = (frac{22}{3})
= 7(frac{1}{3})%