Find the amount if simple interest is paid yearly at 5% per annum for 3 years, on a principal of # 200,000.00
A
# 23, 000.00
B
# 30,000.00
C
# 300,000.00
D
# 230,000.00
Verified Correct Answer: D.
Step-by-Step Mathematical Solution
Amount = principal + Interest
I = \(\frac{ P\times R \times T}{100}\)
P = #200,000, R = 5%, T = 3 yrs
I = = \(\frac{ 200,000\times 5 \times 3}{100}\)
= 2000 x 15 = #30,000
A = 200,000 + 30,000 = #230,000.
Source: WAEC / JAMB / NECO Classroom Archive (Record #70171)