To calculate the total interest earned on an investment of 2000 naira over 3 weeks at an interest rate of 1 naira for every 10 naira invested per week, follow these steps:
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Determine the Interest Rate:
- For every 10 naira, the interest is 1 naira.
- This translates to an interest rate of 10% per week (because 1 naira is 10% of 10 naira).
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Calculate the Weekly Interest:
- For 2000 naira, the interest earned for one week can be calculated as: \[ \text{Weekly Interest} = 2000 , \text{naira} \times 0.10 = 200 , \text{naira} \]
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Calculate Total Interest for 3 Weeks:
- Multiply the weekly interest by the number of weeks: \[ \text{Total Interest for 3 Weeks} = 200 , \text{naira/week} \times 3 , \text{weeks} = 600 , \text{naira} \]
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Final Amount:
- Add the total interest to the principal investment to find the total amount after 3 weeks: \[ \text{Total Amount} = \text{Principal} + \text{Total Interest} = 2000 , \text{naira} + 600 , \text{naira} = 2600 , \text{naira} \]
So, the total interest earned after 3 weeks would be 600 naira, and the total amount after 3 weeks would be 2600 naira.