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Find the principal which a man invested in a bank for 3years at the rate of 3percentage if the simple interest was 45naira

Solution

Find the principal which a man invested in a bank for 3years at the rate of 3percentage if the simple interest was 45naira

Solution

Principal : 500

Solution steps

Translate the problem into an equation:

45 = P \cdot 0.03 \cdot 3

Solve for

P, 45 = P \cdot 0.03 \cdot 3 : P = 500

Principal : 500

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