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Find the principal that earns N1, 693.80 interest in 10 year...
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Find the principal that earns N1, 693.80 interest in 10 years at a rate of 6% per annum

A. N2,820.00

B. N2,823.00

C. N2,825.00

D. N2,830.00

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peter
Asked by peterrep:1.6K
University of Lagos Nigeria
10 May 2020

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judziy
Judziy answeredrep:1.8K
University of Benin Nigeria
13 May 2020
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Simple interest, I = (principal (p) x rate (r) x time (t))/100

I = prt/100

p = 100I/rt

I = 1, 693.80

r = 6

t = 10

p = (100 x 1693.80)/(6 x 10)

p = 169380/60

p = 2823

Ans B

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