Simple interest on ₦10,000 at 5% per annum for 2 years:
A₦500
B₦1,000CORRECT
C₦1,050
D₦2,000
GMATQuantitative
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
SI = PRT/100 = 10,000 × 5 × 2 / 100 = ₦1,000.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →
Practice more Quantitative questions
GMAT Quantitative has thousands more questions like this — with Worked answers on every one.