Find the principal which will yeild simple interest of 55.50 naira for 1whole number 1/2 years at the rate of 2%
To solve for the principal, we can use the formula for simple interest:
Simple Interest = (Principal x Rate x Time)
where Time is in years and Rate is in decimal form.
We are given the time as 1 and 1/2 years (or 1.5 years) and the rate as 2%, or 0.02 in decimal form. We are asked to find the principal, so we can rearrange the formula to solve for P:
Principal = Simple Interest / (Rate x Time)
Plugging in the given values, we get:
Principal = 55.50 / (0.02 x 1.5)
Principal = 55.50 / 0.03
Principal = 1850
Therefore, the principal which will yield simple interest of 55.50 naira for 1 and 1/2 years at the rate of 2% is 1850 naira.
To find the principal that will yield a simple interest of 55.50 naira for 1 and a half years at a rate of 2%, we can use the formula for calculating simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Let's plug in the given values into the formula:
55.50 = (Principal * 2 * 1.5) / 100
To solve for the principal, we need to rearrange the formula:
Principal = (Simple Interest * 100) / (Rate * Time)
Substituting the values:
Principal = (55.50 * 100) / (2 * 1.5)
Principal = 5550 / 3
Principal = 1850 naira
Therefore, the principal that will yield a simple interest of 55.50 naira for 1 and a half years at a rate of 2% is 1850 naira.
To find the principal in a simple interest problem, we can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Given information:
Simple Interest = 55.50 naira
Rate = 2% or 0.02
Time = 1 year and 1/2 year or 1.5 years
Let's substitute the given values into the formula and solve for the principal:
55.50 = (Principal * 0.02 * 1.5) / 100
Multiplying both sides by 100:
5550 = Principal * 0.02 * 1.5
Dividing both sides by 0.02 * 1.5:
Principal = 5550 / (0.02 * 1.5)
Principal = 5550 / 0.03
Principal = 185000
Therefore, the principal which will yield a simple interest of 55.50 naira for 1 year and 1/2 year at a rate of 2% is 185,000 naira.