If the simple interest on a certain amount of money saved in a bank for...
MATHEMATICS
WAEC 2017
If the simple interest on a certain amount of money saved in a bank for 5 years at 2\(\frac{1}{2}\)% annum is N500.00, calculate the total amount due after 6 years at the same rate
- A. N2,500.00
- B. N2,600.00
- C. N4,500.00
- D. N4,600.00
Correct Answer: D. N4,600.00
Explanation
P = \(\frac{100l}{RT} = \frac{100 \times 500}{5 \times 2.5} = \frac{50,000}{12.5}\)
= 4,000
Annual interest is \(\frac{500}{5}\) = 100
for 6 year = 4,000 + 100 + 100 + 100 + 100 + 100 + 100
= N 4,600
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