Question 5

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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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