A man invests a sum of money at 4% per annum simple invest. After 3...

JAMB 1987

A man invests a sum of money at 4% per annum simple invest. After 3 years, the principal amounts to N7,000.00. Find the sum invested

A. N7,840
B. N6,250.00
C. N616.00
D. N5,833.33

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Correct Answer: Option B

Explanation

I = \(\frac{PRT}{100}\)

100(A - P) = prt

P = \(\frac{100A}{100 + RT}\)

= \(\frac{100 \times 7000}{100 + (4 \times 3)}\)

p = \(\frac{700,000}{112}\)

= N6,250.00

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A man invests a sum of money at 4% per annum simple invest. After 3...

Correct Answer: Option B

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