Find the principal which amounts to ₦ 5,500 at a simple...
Find the principal which amounts to ₦ 5,500 at a simple interest in 5 years at 2% per annum
₦ 4,900
₦ 5,000
₦ 4,700
₦ 4,000
Correct answer is B
Principal = P, Simple Interest = I, Amount = A
Amount = Principal + Simple Interest
I = PRT100
R = rate, T = time
I = P×5×2100
I = 10P100
I = P10
Amount A = P + I
5500 = P + P10
Multiply through by 100
5500 = 10P + P
5500 = 11P
p = 550011
p = ₦5000