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JAMB Mathematics 1989 Question 8

Question 8

Commercial Arithmetic

Oke deposited N800.00 in the bank at the rate of 12½% simple interest. After some time the total amount was one and half times the principal. For how many years was the money left in the bank?

  1. A.2
  2. B.4
  3. C.5⅓
  4. D.8
Show the answer and explanation

Answer: B (4)

Explanation

The amount is 1.5 × 800 = N1,200, so the interest is N400. Each year earns 12½% of 800 = N100, so it took 4 years.