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

A: 19%

B: 20%

C: 25%

D: 16.3%

**Comments**

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simple interest (I) = (principal (p) x rate (r) x time (t)) / 100

I = prt/100

I = ₦4890

p = ₦8550

r = x

t = 3

Therefore, 4890 = (8550 * x * 3) / 100

4890 = (25650x) / 100

cross multiply

4890 * 100 = 25650x

489000 = 25650x

x = 489000/25650

x = 19%

**Answer: B**

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