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Find the value to which N3000.00 will amount in 5 years at 6% per annum...

Mathematics
WAEC 2009
Find the value to which N3000.00 will amount in 5 years at 6% per annum simple interest
  • A. N3,900.00
  • B. N3,750.00
  • C. N3,600.00
  • D. N3,300
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Correct Answer: Option A
Explanation
A = P + I

p + \(\frac{PRT}{100}\)

A = N3000 (1 + \(\frac{6 \times 5}{100}\))

= N3000(1 + 0.3)

A = N3000 (1.3)

= N3,900.00
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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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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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709