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A sum of money invested at 5% per annum simple interest amounts to ₦285.20 aft...


Question

A sum of money invested at 5% per annum simple interest amounts to ₦285.20 after 3 years. How long will it take the same sum to amount to ₦434.00 at 7\(\frac{1}{2}\)% per annum simple interest?

Options

A) 10 years

B) 12 years 5month

C) 7\(\frac{1}{2}\) years

D) 4 years

The correct answer is A.


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Dicussion (1)

  • Nusie Oloh

    Amount= principal + PRT/100
    285.20=P + P *5*3/100
    285.20= 100P+15P/100
    Cross multiply
    28520=115P
    Divide both sides by 115
    P=248
    Therefore how long will it take the amount 248 to 434.00
    434=248/1+248*7.5*T/100
    434=24800+1860T/100
    Cross multiply
    43400=24800+1860T
    43400-24800=1860T
    18600=1860T
    Divide both sides by 1860
    T=10
    10 years