WAEC - Mathematics (2006 - No. 17)
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.
N676.50
N820
N1,640
N4,920
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
P = \(\frac{100 \times 123}{3 \times 2.5}\)
principal(P) = N1640
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