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If the simple interest on a sum of money invested at 3% per annum for...

Mathematics
WAEC 2006

If the simple interest on a sum of money invested at 3% per annum for 2\(\frac{1}{2}\) years is N123, find the principal.
  • A. N676.50
  • B. N820
  • C. N1,640
  • D. N4,920
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Correct Answer: Option C
Explanation
I = N123; R = 3%' T = 2\(\frac{1}{2}\) yrs; P = \(\frac{100 \times 1}{RT}\)

P = \(\frac{100 \times 123}{3 \times 2.5}\)

principal(P) = N1640

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group