WAEC Mathematics 2024 Objective — Question 7
Question 7 of 50 from the West African Examinations Council (WAEC) Mathematics 2024 Objective paper, with the correct answer and a full explanation.
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7. Find the time for which $1,250.00 will amount to $2,031.25 at 12.5% per annum simple interest.
- A. 2 years
- B. 3 years
- C. 4 years
- D. 5 yearsCorrect
Explanation
I = 2031.25-1250 = 781.25; t = I×100/(P×R) = 781.25×100/(1250×12.5) = 5 years.
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