waecmaths question:
If the simple interest on a certain amount saved in a bank for 5 years at 2½% per annum is N500.00, calculate the total amount due after 6 years at the same rate.
Option A:
N 2,500.00
Option B:
N 2,600.00
Option C:
N4,500.00
Option D:
N4,600.00
waecmaths solution:
$\begin{align} & Principal=P=\frac{I\times 100}{R\times T}=\frac{500\times 100}{2.5\times 5}=40\times 100=4000 \\ & Amount=A=P+I=N4000+N500=N4500 \\\end{align}$
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