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WAEC 2024 · Paper 1 · Q7

Find the time for which $1,250.00 will amount to $2,031.25 at 12.5%12.5\% per annum simple interest.

Worked solution (try it first)
  1. The interest is the amount minus the principal: 2031.25−1250=781.252031.25 - 1250 = 781.25.
  2. One year's interest at 12.5%12.5\% is 0.125×1250=156.250.125 \times 1250 = 156.25.
  3. So the time is 781.25÷156.25=5781.25 \div 156.25 = 5 years, option D.

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