Find the rate at which naira 280 will earn naira 21.00 simple lnterest for 2 and a1/2
1 year ago
1 year ago
Why? please
1 year ago
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.
11 months ago
To find the rate at which Naira 280 will earn Naira 21.00 simple interest for 2 and a half years, we need to use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
In this case, the Principal is Naira 280, the Simple Interest is Naira 21.00, and the Time is 2 and a half years (or 2.5 years).
Let's plug these values into the formula and solve for the Rate:
21 = (280 * Rate * 2.5) / 100
To isolate the Rate, we can multiply both sides of the equation by 100 and divide by 280 * 2.5:
21 * 280 * 2.5 = Rate
Rate = (21 * 280 * 2.5) / 280
Rate = 1.875
Therefore, the rate at which Naira 280 will earn Naira 21.00 simple interest for 2 and a half years is 1.875%.