Find the value to which N3000.00 will amount in 5 years at 6% per annum simple interest
A
N3,900.00
B
N3,750.00
C
N3,600.00
D
N3,300
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
A = P + I
p + \(\frac{PRT}{100}\)
A = N3000 (1 + \(\frac{6 \times 5}{100}\))
= N3000(1 + 0.3)
A = N3000 (1.3)
= N3,900.00
Source: Myschool Past Questions Archive (Record #36434)