JAMB - Mathematics (2013 - No. 4)
Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest
2\(\frac{1}{2}\) years
3 years
3\(\frac{1}{2}\) years
1\(\frac{1}{2}\) years
Uitleg
Using \(S.I =\frac{P \times T \times R}{100}\)
\(600 =\frac{3000 \times T \times 8}{100}\)
\(T =\frac{600 \times 100}{3000 \times 8}\)
\(\frac{20}{8}\)
= 2\(\frac{1}{2}\) years
\(600 =\frac{3000 \times T \times 8}{100}\)
\(T =\frac{600 \times 100}{3000 \times 8}\)
\(\frac{20}{8}\)
= 2\(\frac{1}{2}\) years