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
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
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
Source: Myschool Past Questions Archive (Record #31814)