Let's denote the principal by P. The formula for calculating the final amount A at a simple interest rate r per annum for t years is given by A = P(1 + rt). In this case, we know that the final amount A is N5,500, the interest rate r is 2% per annum (or 0.02 per year), and the time period t is 5 years. Substituting these values into the formula, we get:

N5,500 = P(1 + 0.02 5)

Solving for P, we get:

P = N5,500 / (1 + 0.02 5) = N5,000