Find the simple interest rate percent annum at which N100...
Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
6%
8%
10%
12%
Correct answer is B
I = PRT100 = 1 = 1240 - 1000 = 240
R = 240×100100×3 = 8%
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