Question

Tim has a friend, John, across the world he wants to transfer 1000$ to. However, his bank charges a 0.3% fee on the value of every transfer. Tim wants John to receive 1000$ after the fees, which means that Tim needs to send more than 1000$ for him to cover the fees the bank charges. How much should Tim send so that John receives 1000$ in his account after fees?

Answer 1

1003

Explanation:

as Tom has to sent amount of money =

1000 (amount of money that john needs) + 0.3%*1000 (fee) = 1000+ 3 = 1003