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WAEC Mathematics 2016 Question 8

Question 8

Commercial Arithmetic

What sum of money will amount to D10,400.00 in 5 years at 6% simple interest?

  1. A.D8,000.00
  2. B.D10,000.00
  3. C.D12,000.00
  4. D.D16,000.00
Show the answer and explanation

Answer: A (D8,000.00)

Explanation

Interest for 5 years at 6% is 30% of P, so 1.3P = 10 400 and P = D8,000.