2001
Mathematics
JAMB
Find the principal which amounts to N5,500 at a simple interest in 5 years at 2% per annum.
A.
N4,900
B.
N5,000
C.
N4,700
D.
N4,800
Correct Answer: N5,000
Explanation
Principal, P = Amount, A - Interest, I. A = P + I I = (P.T.R)/100 = (P x 5 x 2)/100 = 10P/100 = P/10 But A = P + I, => 5500 = P + (P/10) => 55000 = 10P + P => 55000 = 11P Thus P = 55000/11 = N5,000
Principal, P = Amount, A - Interest, I. A = P + I I = (P.T.R)/100 = (P x 5 x 2)/100 = 10P/100 = P/10 But A = P + I, => 5500 = P + (P/10) => 55000 = 10P + P => 55000 = 11P Thus P = 55000/11 = N5,000THIS WEEK's
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