Jambmaths question:
Calculate the time taken for N3000 to earn N600 if invested at 8 % simple interest
Option A:
$2\tfrac{1}{2}$ years
Option B:
3years
Option C:
$3\tfrac{1}{2}\text{years}$
Option D:
$\tfrac{1}{2}\text{ years}$
Jamb Maths Solution:
$\begin{align} & \text{Time, }T=\frac{100\times I}{P\times R} \\ & \text{Given }P=N3000,\text{ }I=N600,\text{ }R=8percent \\ & T=\frac{100\times 600}{3000\times 8}=\frac{5}{2}years=2\tfrac{1}{2}years \\\end{align}$
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