Question

If 10,000 naira is kept in a bank at a interest rate of 12 1/2 per annum how long will the money take to yield on interest of 2,500 naira

Answer 1

well, let's use 12.5% for 12½%.

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$2500\\ P=\textit{original amount deposited}\dotfill & \$10000\\ r=rate\to 12.5\%\to (12.5)/(100)\dotfill &0.125\\ t=years \end{cases} \\\\\\ 2500 = (10000)(0.125)(t) \implies \cfrac{2500}{(10000)(0.125)}=t\implies {\Large \begin{array}{llll} 2=t \end{array}}`