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JAMB 2013 · UTME · Q5

Calculate the time taken for ₦3000 to earn ₦600 if invested at 8%8\% simple interest.

Worked solution (try it first)
  1. One year's interest at 8%8\% is 0.08×3000=0.08 \times 3000 = ₦240.
  2. The interest needed is ₦600, so the time is 600÷240=2.5600 \div 240 = 2.5.
  3. So it takes 2122\frac12 years, option C.

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