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
Verified Correct Answer: D.
Step-by-Step Mathematical Solution
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
Source: Myschool Past Questions Archive (Record #32197)