The question I asked now to solve it in a short form so I can be able to understand it when writing in exam

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2.4 years2.4 \text{ years}

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Here's a concise version for the exam:

  1. Calculate the simple interest (II).

    I=Total Amount−PrincipalI = \text{Total Amount} - \text{Principal} I=N15,500−N12,500=N3,000I = \text{N}15,500 - \text{N}12,500 = \text{N}3,000

  2. Convert the interest rate (RR) to a decimal.

    R=10%=0.10R = 10\% = 0.10

  3. Calculate the time (TT) using the formula T=IP×RT = \frac{I}{P \times R}.

    T=N3,000N12,500×0.10T = \frac{\text{N}3,000}{\text{N}12,500 \times 0.10} T=3,0001,250T = \frac{3,000}{1,250} T=2.4T = 2.4

    The time taken is 2.4 years.

    2.4 years2.4 \text{ years}
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