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WAEC Mathematics 2020 Paper

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Question : 6

Total: 48

An amount of N550,000.00 was realized when a principal, x was saved at 2% simple interest for 5 years. Find the value of x

N470,000.00
N480,000.00
N490,000.00
N500,000.00

Solution:

S.I = $\frac{x \times 2 \times 5}{100}$ = 0.1x

A = P + S.I

550,000 = x + 0.1x

$\frac{550,000}{1.1} = \frac{1.1x}{1.1}$

x = N500,000

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