At what rate would a sum of N100.00 deposited for 5 years...
At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?
12%
212%
1.5%
25%
Correct answer is C
Interest I = PRT100
∴ R = 100×1100×5
= 100×7.50500×5
= 750500
= 32
= 1.5%