Question

If the simple interest on a sum of money invested at 3% per annum for 242 years is N123, find the

principal​

Answer 1

The principal is N16.94

Explanation:

Simple Interest = (Principal × Rate × Time)/100

Principal = (Simple Interest × 100)/(Rate × Time)

Principal = (123 × 100)/(3 × 242)

Principal = 12300/726

Principal = 16.9421