If the simple interest on a sum of money invested at 3% per annum for 2\(\frac{1}{2}\) years is N123, find the principal.
- N676.50
- N820
-
N1,640
- N4,920
The correct answer is: C
Explanation
I = N123; R = 3%' T = 2\(\frac{1}{2}\) yrs; P = \(\frac{100 \times 1}{RT}\)P = \(\frac{100 \times 123}{3 \times 2.5}\)
principal(P) = N1640