Question

how long will it take N2400 to amount to N3600 at 20% per annum

Answer 1

amount = 3600
principal = 2400
rate = 20%
interest = 3600 - 2400 = 1200
time = (interest × 100)/(rate × principal)
= (1200 × 100)/(20 × 2400)
= 5/2 years
= 2years 6 months