Question

The simple interest on a sum of money invested at 3% per annum for 2 years was $39.75. Calculate the sum of money invested.​

Answer 1

N1,640

Explanation:

I = N123; R = 3%' T = 2

1

2

yrs; P =

100

×

1

R

T

P =

100

×

123

3

×

2.5

principal(P) = N1640