What sum of money will earn 72 naira as simply interest at a rate of 5% per annum in 3 years?
Let "P" be the principal (sum of money).
The interest earned in 3 years is given by the formula: I = P * r * t, where "r" is the interest rate and "t" is the time in years.
The interest earned in this case is 72 naira, the interest rate is 5% (or 0.05 in decimal form), and the time is 3 years.
So, we have the equation: 72 = P * 0.05 * 3
Simplifying this equation gives: 72 = 0.15P
Dividing both sides of the equation by 0.15 gives: P = 72 / 0.15
P = 480
Therefore, the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years is 480 naira.
To find the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years, we can use the formula for simple interest:
Simple Interest = (Principal) x (Rate) x (Time)
In this case, we're given:
Simple Interest = 72 naira
Rate = 5% per annum (or 0.05 in decimal form)
Time = 3 years
Let's rearrange the formula to solve for the Principal:
Principal = Simple Interest / (Rate x Time)
Substituting the given values into the formula:
Principal = 72 naira / (0.05 x 3 years)
Calculating:
Principal = 72 naira / 0.15
Principal = 480 naira
Therefore, a sum of 480 naira will earn 72 naira as simple interest at a rate of 5% per annum in 3 years.
To find the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years, we can use the formula for simple interest:
Simple Interest = (Principal Amount) x (Rate) x (Time)
We are given:
Simple Interest = 72 naira
Rate = 5% per annum
Time = 3 years
Let's substitute these values into the formula and solve for the Principal Amount:
72 = (Principal Amount) x (0.05) x (3)
Simplifying the equation further:
72 = (Principal Amount) x 0.15
Now, divide both sides of the equation by 0.15 to isolate the Principal Amount:
(Principal Amount) = 72 / 0.15
Evaluating the expression:
(Principal Amount) = 480
Therefore, the sum of money that will earn 72 naira as simple interest at a rate of 5% per annum in 3 years is 480 naira.