Question 7

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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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