If the simple interest on a certain amount of money saved in a bank for 5 years at 2\(\frac{1}{2}\)% annum is N500.00, calculate the total amount due after 6 years at the same rate

N2,500.00

N2,600.00

N4,500.00

N4,600.00

Correct answer is D

P = \(\frac{100l}{RT} = \frac{100 \times 500}{5 \times 2.5} = \frac{50,000}{12.5}\)

= 4,000

Annual interest is \(\frac{500}{5}\) = 100

for 6 year = 4,000 + 100 + 100 + 100 + 100 + 100 + 100

= N 4,600

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