Question 2
Commercial ArithmeticA sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to ₦330.00, find the amount originally invested.
- A.₦180.00
- B.₦165.00
- C.₦150.00
- D.₦200.00
- E.₦250.00
Show the answer and explanation
Answer: E (₦250.00)
Explanation
In 4 years at 8% the interest is 32% of the principal, so 1.32P = 330 and P = ₦250.00.