Question

How long will it take to sum of 6,000 naira to give an interest of 1500Naira at 5% rate

Answer 1

5years

Explanation:

Interest=Principal*Rate*Time/100 which is

I=P*R*T/100

• 1500=6000*5*T/100
• 1500=30000/100*T
• 1500=300T
• 1500/300=T
• 5=T

Therefore T which is Time=5 years.

HOPE THIS HELPS