Oke deposited N800.00 in the bank at the rate of 12\(\frac{1}{2}\)% simple interest. After some time the total amount was one and half times the principal. For how many years was the money left in the bank?

2\(\frac{2}{3}\)

5\(\frac{1}{3}\)

Correct answer is B

P = N800 (Principal), r = 12\(\frac{1}{2}\)% or 0.125

After sometimes, A = 1.5 x 800 = N1,200

A = P(1 + Tr) = 1200

= 800(1 + 0.125T)

= 1200

= 800(1 + 0.125T)

1200 = 800(1 + 0.125T)

0.125T = 0.5

T = \(\frac{0.5}{0.125}\)

= 4

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Oke deposited N800.00 in the bank at the rate of 12\(\frac{1}{2}\)% simple interest. After some time the total amount was one and half times the principal. For how many years was the money left in the bank?

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