Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest
-
A.
2(frac{1}{2}) years -
B.
3 years -
C.
3(frac{1}{2}) years -
D.
1(frac{1}{2}) years
Correct Answer: Option A
Explanation
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
There is an explanation video available below.