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Post-UTME Mathematics 2019 Objective — Question 4

Question 4 of 50 from the Post-UTME Screening (Post-UTME) Mathematics 2019 Objective paper, with the correct answer and a full explanation.

At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?

A. 1 1/2%
B. 2 1/2%
C. 1.5%Correct
D. 25%

Explanation

R = (100 x 7.50)/(100 x 5) = 750/500 = 1.5%.

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