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JAMB Mathematics 2013 Paper

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Question : 4

Total: 47

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

2 $\frac{1}{2}$ years
3 years
3 $\frac{1}{2}$ years
1 $\frac{1}{2}$ years

Solution:

Concept:

Simple interest formula:

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

.

Explanation:

The principal is

P = N3000

.

The simple interest earned is

SI = N600

.

The rate is

R = 8\%

per year.

Substitute into the formula:

600 = \frac{3000 \times T \times 8}{100}

Rearrange to solve for time

T

:

T = \frac{600 \times 100}{3000 \times 8}

T = \frac{60000}{24000} = \frac{5}{2}

Therefore,

T = 2\frac{1}{2}

years.

Answer:

A.

2\frac{1}{2}

years.

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