Calculate the time taken for ₦3000 to earn ₦600 if invested at 8% simple interest

Assessment: JAMB UTME - Mathematics - 2013 Subject: General Mathematics

Question 1 Report

Calculate the time taken for ₦3000 to earn ₦600 if invested at 8% simple interest
Answer Details
To calculate the time taken for ₦3000 to earn ₦600 if invested at 8% simple interest, we can use the formula: time = (interest / principal) / rate where: interest = ₦600 principal = ₦3000 rate = 8% So, substituting the values in the formula, we get: time = (600 / 3000) / 0.08 time = (0.2) / 0.08 time = 2.5 years So, it takes approximately 2.5 years for ₦3000 to earn ₦600 if invested at 8% simple interest.

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