Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
-
A.
6% -
B.
8% -
C.
10% -
D.
12%
Correct Answer: Option B
Explanation
I = (frac{PRT}{100}) = 1 = 1240 – 1000 = 240
R = (frac{240 times 100}{100 times 3}) = 8%
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