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How long will it take to sum of 6,000 naira to give an interest of 1500Naira at 5% rate
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How long will it take to sum of 6,000 naira to give an interest of 1500Naira at 5% rate

User Omi Harjani
by
3.1k points

1 Answer

4 votes

Answer:

5years

Explanation:

Interest=Principal*Rate*Time/100 which is

I=P*R*T/100

  • 1500=6000*5*T/100
  • 1500=30000/100*T
  • 1500=300T
  • 1500/300=T
  • 5=T

Therefore T which is Time=5 years.

HOPE THIS HELPS

User Rohan Kadu
by
3.3k points
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