years at $$ 3 \% $$ simple interest? 21. What was the interest rate at kobo per naira per week if 20.00 amounted to N 35.00 in 5 weeks?

Question

UpStudy AI · Accepted Answer

To determine the interest rate in **kobo per naira per week**, we'll use the **simple interest formula**:

$$
\text{Simple Interest (I)} = P \times R \times T
$$

Where:
- $$ P $$ = Principal amount (N20.00)
- $$ R $$ = Interest rate per week (in decimal)
- $$ T $$ = Time (5 weeks)
- $$ I $$ = Interest earned

**Given:**
- Principal ($$ P $$) = N20.00
- Amount after 5 weeks ($$ A $$) = N35.00
- Time ($$ T $$) = 5 weeks

**Step 1: Calculate the Interest Earned ($$ I $$)**

$$
I = A - P = 35 - 20 = \text{N15.00}
$$

**Step 2: Plug the values into the simple interest formula to find $$ R $$**

$$
15 = 20 \times R \times 5
$$

$$
15 = 100R
$$

$$
R = \frac{15}{100} = 0.15 \text{ or } 15\%
$$

**Step 3: Convert the Interest Rate to Kobo per Naira per Week**

Since 1 naira = 100 kobo,

$$
15\% \text{ of 1 naira} = 0.15 \times 1 \text{ naira} = 0.15 \times 100 \text{ kobo} = 15 \text{ kobo}
$$

**Conclusion:**

The interest rate is **15 kobo per naira per week**.
The interest rate is 15 kobo per naira per week.

years at \( 3 \% \) simple interest? 21. What was the interest rate at kobo per naira per week if 20.00 amounted to N 35.00 in 5 weeks?