JAMB 1993 · UME · Q8

Commercial arithmetic

If ₦225.00 yields ₦27.00 in $x$ years at $4\%$ per annum simple interest, find $x$ .

Worked solution (try it first)

One year's interest at $4\%$ is $0.04 \times 225 =$ ₦9.
The total interest is ₦27, so the time is $27 \div 9 = 3$ years.
So $x = 3$ , option A.

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