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
Correct Answer: Option A
Explanation
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