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WAEC Mathematics 2017 Question 46

Question 46

Commercial Arithmetic

If the simple interest on a certain amount of money 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.

  1. A.N2,500.00
  2. B.N2,600.00
  3. C.N4,500.00
  4. D.N4,600.00
Show the answer and explanation

Answer: D (N4,600.00)

Explanation

P × 2.5 × 5/100 = 500 gives P = N4,000. Interest for 6 years = 4000 × 2.5 × 6/100 = N600, so the amount is N4,600.