If the simple interest on a sum of money invested at 3% per annum for…

If the simple interest on a sum of money invested at 3% per annum for 2(frac{1}{2}) years is N123, find the principal.

Correct Answer: Option C

Explanation

I = N123; R = 3%’ T = 2(frac{1}{2}) yrs; P = (frac{100 times 1}{RT})
P = (frac{100 times 123}{3 times 2.5})
principal(P) = N1640