Question
What sum of money will earn 72 naira as simply interest at a rate of 5% per annum in 3 years?
Answers
GPT 3.5
Let "P" be the principal (sum of money).
The interest earned in 3 years is given by the formula: I = P * r * t, where "r" is the interest rate and "t" is the time in years.
The interest earned in this case is 72 naira, the interest rate is 5% (or 0.05 in decimal form), and the time is 3 years.
So, we have the equation: 72 = P * 0.05 * 3
Simplifying this equation gives: 72 = 0.15P
Dividing both sides of the equation by 0.15 gives: P = 72 / 0.15
P = 480
Therefore, the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years is 480 naira.
The interest earned in 3 years is given by the formula: I = P * r * t, where "r" is the interest rate and "t" is the time in years.
The interest earned in this case is 72 naira, the interest rate is 5% (or 0.05 in decimal form), and the time is 3 years.
So, we have the equation: 72 = P * 0.05 * 3
Simplifying this equation gives: 72 = 0.15P
Dividing both sides of the equation by 0.15 gives: P = 72 / 0.15
P = 480
Therefore, the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years is 480 naira.