Find the rate at which naira 280 will earn naira 21.00 simple lnterest for 2 and a1/2
3 answers
There are a few missing pieces of information needed to solve this problem, such as the interest rate and the time period. Without this information, we cannot provide a solution.
Why? please
The formula to calculate simple interest is:
I = P * r * t
Where:
I = simple interest
P = principal amount
r = interest rate (per time period)
t = time period
Based on the given information, we have:
- Principal amount (P) = 280 Naira
- Simple interest (I) = 21.00 Naira
- Time period (t) = 2.5 (assuming 2 and a half years)
However, we don't have the interest rate (r) which is necessary to solve for it using the formula:
r = I / (P * t)
Without knowing the interest rate, we cannot find the rate at which 280 Naira will earn 21 Naira simple interest for 2 and a half years.
I = P * r * t
Where:
I = simple interest
P = principal amount
r = interest rate (per time period)
t = time period
Based on the given information, we have:
- Principal amount (P) = 280 Naira
- Simple interest (I) = 21.00 Naira
- Time period (t) = 2.5 (assuming 2 and a half years)
However, we don't have the interest rate (r) which is necessary to solve for it using the formula:
r = I / (P * t)
Without knowing the interest rate, we cannot find the rate at which 280 Naira will earn 21 Naira simple interest for 2 and a half years.