After how many years will 600 naira amount to 636 naira at 4% per annum simple interest.

Answer 1

To find the number of years it will take for 600 naira to amount to 636 naira at a rate of 4% per annum simple interest, we can use the formula:

Simple interest = Principal * Rate * Time

Where:
Principal = 600 naira
Rate = 4% = 0.04
Time = number of years

Using the formula, we can rearrange it to solve for Time:

Time = Simple interest / (Principal * Rate)

Substituting the given values:

Time = 36 / (600 * 0.04)
Time = 36 / 24
Time = 1.5 years

Therefore, it will take 1.5 years for 600 naira to amount to 636 naira at 4% per annum simple interest.