Find the rate at which 280naira will earn 21.00naira simple interest for 2whole number 1/2.
To find the rate at which 280naira will earn 21.00naira simple interest, we need to use the formula:
Interest = Principal * Rate * Time
In this case, the principal (P) is 280naira, the interest (I) is 21.00naira, and the time (T) is 2 1/2 years.
First, we need to convert the time into a decimal. 2 1/2 years is equal to 2 + 1/2 = 2.5 years.
Now, we can rearrange the formula to solve for the rate (R):
Rate = Interest / (Principal * Time)
Rate = 21.00naira / (280naira * 2.5)
Rate = 21.00naira / 700naira
Rate ≈ 0.03
Therefore, the rate at which 280naira will earn 21.00naira in simple interest for 2 1/2 years is approximately 0.03, which can be expressed as 3%.