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UI Post-UTME Mathematics 2016 Question 9

Question 9

Commercial Arithmetic

The simple interest on a certain sum of money invested for 4 years at 6.5% per annum is ₦416. Find the amount invested.

  1. A.₦2000
  2. B.₦1600
  3. C.₦3000
  4. D.₦10000
Show the answer and explanation

Answer: B (₦1600)

Explanation

P = 100 × 416/(6.5 × 4) = 41,600/26 = ₦1,600.