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The simple interest on ₦8550 for 3 years at x% per annum i...
utme-mathematics-2019 jamb jamb-2019 jamb-mathematics-2019 math
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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%

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adeb
Asked by adebrep:517
School not set Nigeria
24 August 2020

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peter
Peter answeredrep:1.8K
University of Lagos Nigeria
05 December 2020
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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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