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Udoh deposited N150.00 in the bank. At the end of 5 years...

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.

713%

C.

5

D.

312%

Correct answer is B

S.I = PTR100

R = 100PT

100×50150×6 = 223

= 713%