Question

An amount of #550,000.00 was realised when a principal,x was saved 2% simple interest for 5 years. Find the value of x​

Answer 1

Answer:

x = 250,000

Step-by-step explanation:

A = P(1 + rt)

550,000 =  x (1 +2% x 60)

550,000/(1 +2% x 60) = 250,000

x = 250,000

Check your answer

A = 250,000 (1+2%x60)

A = 550,000

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