Question

Max invests some money in a savings bond.

The savings bond pays interest at a rate of 2% per year.
At the end of the first year, his savings bond is worth £5763
(b) How much money did Max invest in the savings bond?

Answer 1

£5650

Explanation:

The money max invested in the saving bond = x

After one year the intrest will be 2% of x

Amount = £5763

Amount = Principcal + Interest

= £5763 = x + 2% multiplied x

£5763 = x + 2x/100

= 50x/50 + x/50 = 5763

= 51x/50 = £5763

51x = 5763x50

51x = 288, 150

x = 288,150/51

x = 5650

So the money max invested = £5650