Find the amount if simple interest is paid yearly at 5% per annum for 3 years, on a principal of # 200,000.00
- # 23, 000.00
- # 30,000.00
- # 300,000.00
-
# 230,000.00
The correct answer is: D
Explanation
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.
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