A man invests a sum of money at 4% per annum simple inves...
A man invests a sum of money at 4% per annum simple invest. After 3 years, the principal amounts to N7,000.00. Find the sum invested
N7,840
N6,250.00
N616.00
N5,833.33
Correct answer is B
I = PRT100
100(A - P) = prt
P = 100A100+RT
= 100×7000100+(4×3)
p = 700,000112
= N6,250.00
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