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JAMB Mathematics 2013 Question 5

Question 5

Commercial Arithmetic

Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest.

  1. A.3½ years
  2. B.1½ years
  3. C.2½ years
  4. D.3 years
Show the answer and explanation

Answer: C (2½ years)

Explanation

T = 100I/(PR) = 100 × 600/(3000 × 8) = 2.5 years.