Question 21985MathematicsJAMB

A sum of money was invested at 8% per annum simple interest. If after 4 years the money amounts to N 330,00, find the amount originally invested.

A

N180.00

B

N165.00

C

N150.00

D

N250.00

Step-by-Step Explanation

To find the original amount invested, use the formula for simple interest, which is A = P(1 + rt), where A is the total amount, P is the principal, r is the rate, and t is the time in years. Given that the total amount after 4 years is N330.00 and the interest rate is 8% (0.08), we can rearrange the formula to solve for P. Substituting the known values leads to P = 330 / (1 + 0.08 * 4), resulting in an original investment of N250.00.

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