After how many years will 600 naira amount to 636 naira at 4% per annum simple interest.
To find the number of years it will take for 600 naira to amount to 636 naira at a rate of 4% per annum simple interest, we can use the formula:
Simple interest = Principal * Rate * Time
Where:
Principal = 600 naira
Rate = 4% = 0.04
Time = number of years
Using the formula, we can rearrange it to solve for Time:
Time = Simple interest / (Principal * Rate)
Substituting the given values:
Time = 36 / (600 * 0.04)
Time = 36 / 24
Time = 1.5 years
Therefore, it will take 1.5 years for 600 naira to amount to 636 naira at 4% per annum simple interest.
To find out after how many years 600 naira will amount to 636 naira at 4% per annum simple interest, we can use the formula for simple interest:
Interest (I) = Principal (P) * Rate (R) * Time (T)
Given:
Principal (P) = 600 naira
Amount (A) = 636 naira
Rate (R) = 4% = 4/100 = 0.04
Since interest is calculated as the difference between the amount and the principal, we have:
Interest (I) = Amount (A) - Principal (P)
Substituting the given values, we get:
(Amount (A) - Principal (P)) = 636 naira - 600 naira = 36 naira
Now we can rearrange the formula to solve for time (T):
Interest (I) = Principal (P) * Rate (R) * Time (T)
Thus, we find:
Time (T) = Interest (I) / (Principal (P) * Rate (R))
Plugging in the values, we have:
Time (T) = 36 naira / (600 naira * 0.04)
Simplifying this equation, we get:
Time (T) = 15 years
Therefore, it will take 15 years for 600 naira to amount to 636 naira at 4% per annum simple interest.