

Question

(a) A manufacturing company requires 3 hours of direct labour to process N87.00 worth of raw materials. If the company uses N30,450.00 worth of raw materials, what amount should it budget at N18.25 per hour?
(b) An investor invested Nx in bank M at the rate of 6% simple interest per annum and Ny in bank N at the rate of 8% simple interest per annum. If a total of N8,000,000.00 was invested in the two banks and the investor received a total of N2,320,000.00 as interest from the two banks after 4 years, calculate the:
(i) values of x and y
(ii) interest paid by the second bank.

