waecmaths question:
If N2,500 amounted to N3,500 in 4 years at simple interest, find the rate at which the interest was charged?
Option A:
5%
Option B:
7 ½ %
Option C:
8%
Option D:
10%
waecmaths solution:
$\begin{align} & A=P+I \\ & I=A-P=N3500-N2500=N1000 \\ & R=\frac{100\times I}{P\times T}=\frac{100\times 1000}{2500\times 4}=10percent \\\end{align}$
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