In how many years will it take N750 to gain an interest of N60 at 4% per annum?
Answers
Answer: 2 years
Step-by-step explanation:
Time=(100i)/(pr)
Time=(100x60)/(750x4)
Time=6000/3000
Time=2
Therefore...the answer is 2years
hope it helps
Answer:
2 Years
Step-by-step explanation:
Principle amt = Rs. 750
Interest Rate = 4% p.a.
Interest earned in one year = Principle amt. × Interest rate
= 750 × 4%
= (750 × 4) / 100
= Rs. 30
Since, interest received p.a. is Rs.30 & desired interest amt. is Rs.60, it will take 2 years to receive it
{ Desired Interest / Interest p.a. = No. of years required
60 / 30 = 2 years }
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