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Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?

Question

Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
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Solution 1

To calculate the simple interest, you can use the formula:

Interest = Principal x Rate x Time

where:

  • Principal is the initial amount of the loan or investment, which in this case is N4,000.
  • Rate is the annual interest rate, which in this case is 6% or 0.06 (when expressed as a decimal).
  • Time Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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