NECO 2002 Mathematics · Question 16

After what length of time will N2400.00 yield an interest of N60.00 at 1 $\frac{1}{2}$ % per annum?

Options

A.2 $\frac{4}{5}$ years
B.1 $\frac{2}{3}$ years
C.1 $\frac{1}{2}$ years
D.1 years
E. $\frac{3}{5}$ year

Answer: B. 1 $\frac{2}{3}$ years

Explanation written with AI and checked against the answer key

Analyze the question: We need the time T for a principal of N2400 to earn simple interest of N60 at a rate of 1½% per annum. Concept: Simple Interest formula: I = (P × R × T) / 100 so T = (I × 100) / (P × R) Solution: P = 2400, I = 60, R = 1.5 T = (60 × 100) / (2400 × 1.5) T = 6000 / 3600 T = 5/3 = 1⅔ years Check: 1% of 2400 = 24, so 1.5% = N36 per year. Then 60 ÷ 36 = 1⅔ years. ✓ Tip: For "find the time" questions, rearrange the formula first (T = 100I / PR) and then substitute. Finding the yearly interest first (N36) is a quick way to check your answer, since you only need to divide the total interest by it.

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After what length of time will N2400.00 yield an interest of N60.00 at 112\frac{1}{2}21​% per annum?

Options

Answer: B. 123\frac{2}{3}32​ years

After what length of time will N2400.00 yield an interest of N60.00 at 1 $\frac{1}{2}$ % per annum?

Answer: B. 1 $\frac{2}{3}$ years