Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest
A
2\(\frac{1}{2}\) years
B
3 years
C
3\(\frac{1}{2}\) years
D
1\(\frac{1}{2}\) years
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
Using \(S.I =\frac{P \times T \times R}{100}\)
\(600 =\frac{3000 \times T \times 8}{100}\)
\(T =\frac{600 \times 100}{3000 \times 8}\)
\(\frac{20}{8}\)
= 2\(\frac{1}{2}\) years
Source: Myschool Past Questions Archive (Record #27041)