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WAEC Mathematics 2024 Paper

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Question : 7

Total: 50

Find the sum for which \

\text{ 1,250.00 will amount to } \\

2,031.25 at 12.5% per annum simple interest.

2 years
3 years
4 years
5 years

Solution:

Concept:

Simple interest is the extra money earned on the principal, calculated as

\frac{\text{PRT}}{100}

.

Explanation:

Principal =

1,250.00

Amount =

2,031.25

Simple interest

= \text{Amount} - \text{Principal}

= 2,031.25 - 1,250 = 781.25

Using the formula:

\text{S.I.} = \frac{P \times R \times T}{100}

781.25 = \frac{1250 \times 12.5 \times T}{100}

Rearrange to find

T

:

T = \frac{781.25 \times 100}{1250 \times 12.5}

T = \frac{78125}{15625} = 5

years

Answer:

D. 5 years

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