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WAEC Mathematics 2020 Question 7

Question 7

Commercial Arithmetic

An amount of ₦550,000.00 was realised when a principal, x was saved at 2% simple interest for 5 years. Find the value of x.

  1. A.₦470,000.00
  2. B.₦480,000.00
  3. C.₦490,000.00
  4. D.₦500,000.00
Show the answer and explanation

Answer: D (₦500,000.00)

Explanation

Interest = x × 2 × 5/100 = 0.1x, so the amount is 1.1x = 550,000 and x = ₦500,000.