a sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to N330.00. Find the amount originally invested
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Correct Answer: Option D
Explanation:
S.I = \(\frac{PTR}{100}\)
T = 4yrs, R = 8%, a = N330.00
330 - P = \(\frac{PTR}{100}\), A = P + I
i.e. A = P + \(\frac{PTR}{100}\)
330 = P + \(\frac{P(4) (8)}{100}\)
33000 = 32P + 100p
132P = 33000
P = N250.00
S.I = \(\frac{PTR}{100}\)
T = 4yrs, R = 8%, a = N330.00
330 - P = \(\frac{PTR}{100}\), A = P + I
i.e. A = P + \(\frac{PTR}{100}\)
330 = P + \(\frac{P(4) (8)}{100}\)
33000 = 32P + 100p
132P = 33000
P = N250.00