WAEC Mathematics 2017 Objective — Question 46

Question 46 of 50 from the West African Examinations Council (WAEC) Mathematics 2017 Objective paper, with the correct answer and a full explanation.

If the simple interest on a certain amount of money saved in a bank for 5 years at 2½% per annum is #500.00, calculate the total amount due after 6 years at the same rate.

A. A. #2,500.000
B. B. #2,600.000
C. C. #4,500.00
D. D. #4,600.000Correct

Explanation

I=PRT/100: 500=Px2.5x5/100 → P=#4,000. After 6 years: I=4000x2.5x6/100=#600. Total amount=Principal+Interest=4000+600=#4,600.

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