To solve for the principal, we can use the formula for simple interest:
Simple Interest = (Principal x Rate x Time)
where Time is in years and Rate is in decimal form.
We are given the time as 1 and 1/2 years (or 1.5 years) and the rate as 2%, or 0.02 in decimal form. We are asked to find the principal, so we can rearrange the formula to solve for P:
Principal = Simple Interest / (Rate x Time)
Plugging in the given values, we get:
Principal = 55.50 / (0.02 x 1.5)
Principal = 55.50 / 0.03
Principal = 1850
Therefore, the principal which will yield simple interest of 55.50 naira for 1 and 1/2 years at the rate of 2% is 1850 naira.
Find the principal which will yeild simple interest of 55.50 naira for 1whole number 1/2 years at the rate of 2%
1 answer
1 answer