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The sum of N5000:00 yields additional N6000 at 5% per month, How long was the...

The sum of N5000:00 yields additional N6000 at 5% per month, How long was the investment made?

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Answers (1)

james
1 month ago
1st Method
P=#5000
I=#6000
R=5% per month
T=?(in month)
I=PTR
6000=5000*T*5/100
6000=25000T/100
25000T=6000*100
divide both side by co-efficient of T
25000T/25000=600000/25000
T=600/25
T=24
note that the question said per month
:, T=24months or 2years
2nd Method
5% per month
T=PR
T=5000*5/100
T=#250 in one month
the total month will now be
Tt=I/T
Tt=6000/250
Tt=24months or 2years
NOTE:12months makes a year
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