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JAMB Mathematics 2021 Paper

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Question : 11

Total: 40

At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?

$\frac{1}{2}$ %
2 $\frac{1}{2}$ %
1.5%
25%

Solution:

Concept:

Simple interest is calculated using

I = \frac{PRT}{100}

, where

P

is principal,

R

is rate, and

T

is time in years. We rearrange to find

R

.

Explanation:

Given:

P = 100

,

T = 5

years,

I = 7.50

.

Use the formula:

R = \frac{100 \times I}{P \times T}

.

Substitute the values:

R = \frac{100 \times 7.50}{100 \times 5}

.

Simplify:

R = \frac{750}{500} = 1.5

.

Therefore, the rate is

1.5\%

.

Answer:

C.

1.5\%

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