Question

What sum amounts to 1044 in 4 years at the rate of interest of 4% per annum.

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Answer 1

$900

Explanation:

I am going ahead with the assumption that the interest is calculated as simple interest and not compound interest since nothing has been mentioned on this aspect.

The interest on a principal P at i% interest rate for t years is given by

I = Prt where r = interest rate as decimal = i/100

Here r = 4/100 = 0.04

t = 4 years

So I = P · 0.04 · 4 = 0.16P

The total amount at the end of 4 years will be this interest added to the sum so it will be

P + 0.16P = P(1+0.16) = P · 1.16 or 1.16P

We are told that at the end of 4 years the amount becomes 1044

So we equate the terms
1.16P = 1044

P = 1044/1.16 = 900

So the answer is $900 ANSWER

Check

I = 900 x 0.04 x 4 = 144

900 + 144 = 1044