Find the value to which N3000.00 will amount in 5 years at 6% per annum simple interest
-
N3,900.00
- N3,750.00
- N3,600.00
- N3,300
The correct answer is: A
Explanation
A = P + Ip + \(\frac{PRT}{100}\)
A = N3000 (1 + \(\frac{6 \times 5}{100}\))
= N3000(1 + 0.3)
A = N3000 (1.3)
= N3,900.00