Question 33

Jambmaths question: 

The simple interest on ₦8550 for 3 years at x% per annum is ₦4890. Calculate the value of x to the nearest whole number.

Option A: 

19%

Option B: 

20%

Option C: 

25%

Option D: 

16.3%

Jamb Maths Solution: 

$\begin{align}  & Rate=\frac{P\times T}{I\times 100} \\ & x=\frac{I\times 100}{P\times T}=\frac{4890\times 100}{8550\times 3} \\ & x\approx 19percent \\\end{align}$

Jamb Maths Topic: 
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