find the simple interest on naira 28 for 25 years at 1 percentage per annum.
S.I = PRT/100 (Where P = principal, R = rate, T = time)
S.I = 28 x 1 x 25
S.I = 700
To find the simple interest on Naira 28 for 25 years at 1% per annum, you can use the formula for calculating simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Here's how you can use this formula to find the answer:
Step 1: Identify the principal amount, interest rate, and time period:
- Principal amount (P) = Naira 28
- Interest rate (R) = 1% per annum (expressed as 0.01)
- Time period (T) = 25 years
Step 2: Plug the values into the formula for simple interest:
Simple Interest = (28 * 0.01 * 25) / 100
Step 3: Calculate the simple interest:
Simple Interest = (0.28 * 25) / 100
Simple Interest = 7 / 100
Simple Interest = Naira 0.07
Therefore, the simple interest on Naira 28 for 25 years at 1% per annum is Naira 0.07.