Question on: JAMB Mathematics - 2013
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
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Correct Option: A
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
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