Question

In what time will N400 amount to N512 if the simple interest is calculated at 14% per annum?

Answer 1

64/7 years

9.143 years

Explanation:

`Simple Interest = \\ (Principal * Rate * Time)/(100)`

`Time = (simple \: interest * 100)/(Principal * Rate)`

`Principal = 400 \\ Rate = 14 \\ Time = \\ simple \: interest = 512`

Input the values

`Time = (512 * 100)/(400 * 14) \\ Time = (51200)/(5600) \\`

`Time = (64)/(7) \\ Time = 9.142 \: years \\ best \: answer \: = (64)/(7) years`