NABTEB Mathematics 2024 Objective — Question 7

Question 7 of 50 from the National Business and Technical Examinations Board (NABTEB) Mathematics 2024 Objective paper, with the correct answer and a full explanation.

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

A. A. 2 years
B. B. 3 years
C. C. 4 years
D. D. 5 yearsCorrect

Explanation

P=$1250, A=$2031.25, R=12.5%. I=A−P=$2031.25−$1250=$781.25. I=PRT/100. 781.25=(1250×12.5×T)/100. T=(781.25×100)/(1250×12.5)=5 years.

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