a sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to N330.00. Find the amount originally invested

a sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to N330.00. Find the amount originally invested

Answer Details

S.I = PTR100 $\frac{PTR}{100}$

T = 4yrs, R = 8%, a = N330.00

330 - P = PTR100 $\frac{PTR}{100}$, A = P + I

i.e. A = P + PTR100 $\frac{PTR}{100}$

330 = P + P(4)(8)100 $\frac{P(4)(8)}{100}$

33000 = 32P + 100p

132P = 33000

P = N250.00