Jambmaths question:
Find the principal which amount to N5,500 at simple interest in 5 years at 2% per annum.
Option A:
N4,900
Option B:
N5,000
Option C:
N4,700
Option D:
N4,800
Jamb Maths Solution:
$\begin{align} & A=P+I,\text{ } \\ & P=\frac{100\times I}{T\times R} \\ & \text{Given }R=2percent,\text{ }T=5 \\ & A=5500=P+I \\ & I=5500-P \\ & P=\frac{100\times (5500-P)}{5\times 2} \\ & P=10\times (5500-P) \\ & P=55000-10P \\ & 11P=55000 \\ & P=\frac{55000}{11}=5000 \\\end{align}$
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