At what rate will the interest on N400 increases to N24 i...
At what rate will the interest on N400 increases to N24 in 3 years reckoning in simple interest?
3%
2%
5%
4%
Correct answer is B
Using simple interest = P×T×R100,
where: P denoted principal = N400
T denotes time = 3 years
R denotes interest rate = ?
24 = 400×3×R100
24 x 100 = 400 x 3 x R
R = 24×100400×3
= 2%
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