Find the total amount after 2 years if ₦10,000 is saved at 5% simple interest per annum.
A₦11,000CORRECT
B₦12,000
C₦10,500
D₦1,000
Common EntranceMathematicsSimple Interest
AI
Toaster Teacher
Why the answer is A, and why the others tempt you.
Interest = 10,000 x 5 x 2 / 100 = ₦1,000. Amount = principal + interest = ₦11,000.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →
Practice more Mathematics questions
Common Entrance Mathematics has thousands more questions like this — with Worked answers on every one.