A man invests a sum of money at 4% per annum simple invest. After 3 years, the principal amounts to N7,000.00. Find the sum invested
-
A.
N7,840 -
B.
N6,250.00 -
C.
N616.00 -
D.
N5,833.33
Correct Answer: Option B
Explanation
I = (frac{PRT}{100})
100(A – P) = prt
P = (frac{100A}{100 + RT})
= (frac{100 times 7000}{100 + (4 times 3)})
p = (frac{700,000}{112})
= N6,250.00