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MATHEMATICS

JAMB 2013 - Question 5

Mathematics 2013 JAMB Past Questions - Question 5: Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest .

Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest .

A: 3 1/2 years

B: 1 1/2 years

C: 2 1/2 years

D: 3 years

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Correct Answer

Explanation

Using S.I = P x T x R, /100i.e. 600 = 3000 x T x 8 /100giving T = 600 x 100 /3000 x 8= 20 /8 = 2 1/2years