A trader deposited ₦500,000 in a fixed deposit account at an annual interest rate of 12% for 9 months. How much interest did the trader earn at the end of the period?

Using Simple Interest: $I = \frac{P \times R \times T}{100}$, where P = ₦500,000, R = 12%, and T = 9/12 = 0.75 years. Therefore, $I = \frac{500,000 \times 12 \times 0.75}{100} = \frac{4,500,000}{100} = ₦45,000$. Option A (₦60,000) is the error from using T = 1 full year, making B the correct answer.