Question on: WAEC Mathematics - 2017
If the simple interest on a certain amount of money saved in a bank for 5 years at 2\(\frac{1}{2}\)% annum is N500.00, calculate the total amount due after 6 years at the same rate
A
N2,500.00
B
N2,600.00
C
N4,500.00
D
N4,600.00
Ask EduPadi AI for a detailed answer
Correct Option: D
P = \(\frac{100l}{RT} = \frac{100 \times 500}{5 \times 2.5} = \frac{50,000}{12.5}\)
= 4,000
Annual interest is \(\frac{500}{5}\) = 100
for 6 year = 4,000 + 100 + 100 + 100 + 100 + 100 + 100
= N 4,600
Add your answer
Please share this, thanks!
No responses