Question

Patrick invested money into a special savers bank account each year money in the account earns 4% interest after one year, the total amount of money in the account was £291.20 how much did Patrick invest?

Answer 1

Answer: £280

Explanation:

After a year, the total amount that was in the account was £291.20 which according to the question is 4% more than the amount Patrick invested.

Assume the amount invested is x.

x + 0.04x = 291.20

1.04x = 291.20

x = 291.20/1.04

= £280