JAMB - Mathematics (2025 - No. 30)

An amount of # 600,000.00 was realized when a principal y was saved for 5% simple interest for 4 years, find the value of y

# 570,000

# 500,000

# 300,000

# 400,000

Using \(A = P(1 + rt)\)

Substituting known values:

\(600,000 = y \left(1 + 0.05 \times 4\right)\)
\(600,000 = y \times 1.20\)

Solving for \( y \):

\(y = \frac{600,000}{1.20} = 500,000\)

Thus, the principal amount is # 500,000