Mathematics
Grade-7
Easy
Question
Bob wants to find the principal, if £100 is collected for 1 year by lending at 2% per annum.
- 1025
- 5000
- 4254
- 6954
Hint:
Find the principal amount by substituting the given values in the simple interest formula.
The correct answer is: 5000
T= 1 year, R = 2% = 0.02, I = £100
I = PTR
100 = P ×1×0.02
P = = 5000
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