1. The sum of money invested at 6% per annum simple interest increased to ₦14750 after 3 years. The sum invested was approximately.
2. The sum invested in the above question will amount to ₦17000 in what year
1. Let x be the amount invested. After 3 years, the total amount accumulated is given by:
x + 0.06x(3) = ₦14750
x + 0.18x = ₦14750
1.18x = ₦14750
x = ₦12500
Therefore, the sum invested was approximately ₦12500.
2. To find out in what year the sum will amount to ₦17000, we can use the formula for simple interest:
I = PRT
17000 = 12500(0.06)(T)
17000 = 750T
T ≈ 22.67 years
Therefore, the sum invested will amount to ₦17000 in approximately 23 years.