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JAMB Mathematics 2013 Objective — Question 5

Question 5 of 50 from the Joint Admissions and Matriculation Board (JAMB) Mathematics 2013 Objective paper, with the correct answer and a full explanation.

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

A. A. 3½ years
B. B. 1½ years
C. C. 2½ yearsCorrect
D. D. 3 years

Explanation

I=PRT/100; 600=3000×8×T/100 → T=2.5 years.

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