Question

( PLEASE ANSWER FAST !!!!!!! )

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

£280.0

Explanation:

Given the following

Rate R= 4%

Time T = 1year

Amount = £291.20

Simple Interest I = ?

I = PRT/100

A = P+I

Since P = A-I

I = (A-I)RT/100

I = (291.2-I)RT/100

100I = (291.2-I)4

100I = 1,164.8-4I

104I = 1,164.8

I = 1,164.8/104

I = £11.2

Amount = P+I

Principal = A-I

P = 291.2-11.2

P = 280.0

Hence patrick invested £280.0