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Earlier discussion
4 older comments kept for context.
Victor Titus
The sum of money invested at 5% per annum simple interest that amounts to ā¦6,000 after 4 years is ā¦5,000.
The correct answer is:
C) ā¦5,000
Nathaniel Ulinkhifun
MR OKORO invested a sum of money at 12% per annum simple interest. If this amount equals #144000 after 4 years, what was the initial amount he invested?
Favour
If the interest is1000, the rate 5%,and four years what should I do
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Olalere Eniolaoluwa
Amount = principal invested - simple interest
Amount = ā¦6000
So, ā¦6000 = sum or principal invested - interest
So the Sum invested = (ā¦6000 - interest)
Formula for Simple interest = \(\cfrac{\text{principal Ć rate Ć time}}{100}\)
So, Interest = \(\cfrac{(\text{6000 - interest}) Ć 5 Ć 4}{100}\)
Opening the bracket and solving the equation, we have
Interest = \(\cfrac{(\text{6000 - interest})}{5}\)
\(6000 = 6 Ć \text{interest}\)
Simple interest = ā¦1000
Back to the top:
Sum invested = #6000 - simple interest
Sum invested = #6000 - #1000
Sum invested = #5000.