An amount of N550,000.00 was realized when a principal, x...
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
Correct answer is D
S.I = x×2×5100 = 0.1x
A = P + S.I
550,000 = x + 0.1x
550,0001.1=1.1x1.1
x = N500,000
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