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BECE Mathematics 2018 Paper

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Question : 11

Total: 40

Find the simple interest on GH₵ 600.00 saved for 2 years 8 months at 5% per anum.

GH₵ 64.00
GH₵ 80.00
GH₵ 84.00
GH₵ 92.00

Solution:

Concept:

Simple interest is calculated using the formula

I = \frac{P \times R \times T}{100}

.

Explanation:

Given: Principal

P = \text{GH₵}600.00

.

Rate

R = 5\%

per annum.

Time is given as 2 years and 8 months.

Convert 8 months into years:

8

months

= \frac{8}{12} = \frac{2}{3}

years.

So, total time

T = 2 + \frac{2}{3} = \frac{8}{3}

years.

Now substitute into the formula:

I = \frac{600 \times 5 \times \frac{8}{3}}{100}

.

Simplify:

I = 6 \times 5 \times \frac{8}{3} = 10 \times 8 = 80

.

Thus, the simple interest is

\text{GH₵}80.00

.

Answer:

B. GH₵ 80.00

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