Mathematics
Grade-7
Easy

Question

Bob wants to find the principal, if £100 is collected for 1 year by lending at 2% per annum.

  1. 1025
  2. 5000
  3. 4254
  4. 6954

hintHint:

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 =fraction numerator 100 over denominator 0.02 end fraction = 5000

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