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UI Post-UTME Mathematics 2012 Question 18

Question 18

Commercial Arithmetic

A lady invested a sum of money at 4% per annum simple interest. Find the sum invested if after 3years it amounts to N7,000.00

  1. A.N6,250.00
  2. B.N6,160.00
  3. C.N5,833.33
  4. D.N5,500.00
Show the answer and explanation

Answer: A (N6,250.00)

Explanation

Amount = P(1 + 0.12) = 7000, so P = N6,250.