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a sum of money was invested at 8% per annum simple interest. If after 4…

a sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to N330.00. Find the amount originally invested

  • A.
    N180.00
  • B.
    n165.00
  • C.
    N150.00
  • D.
    N250.00
  • E.
    N200.00
Correct Answer: Option D
Explanation

S.I = (frac{PTR}{100})
T = 4yrs, R = 8%, a = N330.00
330 – P = (frac{PTR}{100}), A = P + I
i.e. A = P + (frac{PTR}{100})
330 = P + (frac{P(4) (8)}{100})
33000 = 32P + 100p
132P = 33000
P = N250.00