Correct Answer: Option B

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

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