At what rate will the interest on N500 increase to N25 in 5 years reckoning in simple interest?
Solution
P = principal, R = rate, I = interest, T = Time taken in years
P× 100 = RIT
25×100=R×500×5
R = 5%
education
At what rate will the interest on N500 increase to N25 in 5 years reckoning in simple interest?
