2000 for 3 weeks at 1 naira in each 10 naira interest per week

1 answer

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:

  1. 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).
  2. Calculate the Weekly Interest:

    • For 2000 naira, the interest earned for one week can be calculated as: \[ \text{Weekly Interest} = 2000 , \text{naira} \times 0.10 = 200 , \text{naira} \]
  3. Calculate Total Interest for 3 Weeks:

    • Multiply the weekly interest by the number of weeks: \[ \text{Total Interest for 3 Weeks} = 200 , \text{naira/week} \times 3 , \text{weeks} = 600 , \text{naira} \]
  4. 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.