An amount of N550,000.00 was realized when a principal, x was saved at 2% simple
MATHEMATICS
WAEC 2020
An amount of N550,000.00 was realized when a principal, x was saved at 2% simple interest for 5 years. Find the value of x
- A. N470,000.00
- B. N480,000.00
- C. N490,000.00
- D. N500,000.00
Correct Answer: D. N500,000.00
Explanation
S.I = \(\frac{x \times 2 \times 5}{100}\) = 0.1x
A = P + S.I
550,000 = x + 0.1x
\(\frac{550,000}{1.1} = \frac{1.1x}{1.1}\)
x = N500,000
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *