An amount of N550,000.00 was realized when a principal, x was saved at 2% simple interest for 5 years. Find the value of x

  • A N470,000.00
  • B N480,000.00
  • C N490,000.00
  • D N500,000.00
waec 2020mathematics

The correct answer is D. N500,000.00

S.I = \(\frac{x \times 2 \times 5}{100}\) = 0.1x

A = P + S.I

550,000 = x + 0.1x

\(\frac{550,000}{1.1} = \frac{1.1x}{1.1}\)

x = N500,000

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