JAMB Mathematics 2021 Objective — Question 19

Question 19 of 40 from the Joint Admissions and Matriculation Board (JAMB) Mathematics 2021 Objective paper, with the correct answer and a full explanation.

19. At what rate would a sum of #10,000 deposited for 10 years raise a simple interest of #1500? (a) 6% (b) 3% (c) 2% (d) 1.5%

A. 6%
B. 3%
C. 2%
D. 1.5%Correct

Explanation

I = PRT/100, so 1500 = 10000 × R × 10 / 100, giving R = 1500 × 100 / 100000 = 1.5%.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Mathematics 2021 Objective More Mathematics past papers