Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.

Find the simple interest rate percent annum at which N1000 accumulates to N1240 in 3 years.
A. 6%
B. 8%
C. 10%
D. 12%

Correct Option: Answer is B
Solution:
Simple Interest SI= PTR/100
I= 1240-1000=240; P=1000; T =3; R= r
240 = (1000 x r x 3 )/100 =
24,000=3000r
r= 24,000/3000 =8
r= 8%

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