Calculate the time taken for N3000 to earn N600 if invested at 8% simple interest
-
2\(\frac{1}{2}\) years
- 3 years
- 3\(\frac{1}{2}\) years
- 1\(\frac{1}{2}\) years
The correct answer is: A
Explanation
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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