Oke deposited ₦800.00 in the bank at the rate of 1212 1 2 % simple interest. After some time the total amount was one and half times the principal. For how ...

Oke deposited ₦800.00 in the bank at the rate of 12$\frac{1}{2}$% simple interest. After some time the total amount was one and half times the principal. For how many years was the money left in the bank?

Answer Details

This problem is asking us to find the number of years that Oke's ₦800.00 deposit was left in the bank at a certain interest rate, given that the total amount he received was one and a half times the original deposit amount. We can start by using the simple interest formula, which is: Simple Interest = Principal * Rate * Time Here, we know the principal is ₦800.00 and the rate is 12.12%. We don't know the time, which is what we're trying to find. Let's call it "t". We also know that the total amount Oke received after some time was one and a half times the original deposit amount, or: Total Amount = 1.5 * Principal Substituting the values we know, we get: Total Amount = 1.5 * ₦800.00 = ₦1200.00 We can use this equation to solve for "t" by first finding the simple interest: Simple Interest = Total Amount - Principal Simple Interest = ₦1200.00 - ₦800.00 = ₦400.00 Then, we can rearrange the simple interest formula to solve for "t": Time = Simple Interest / (Principal * Rate) Substituting the values we know, we get: Time = ₦400.00 / (₦800.00 * 0.1212) = 4 years (rounded to the nearest whole number) Therefore, Oke's money was left in the bank for 4 years.