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: Patrick invested €7,280 in the special savers bank account.

Explanation:

If the money in the bank account earned 4% interest after one year, then the amount of interest earned is 4/100 * the amount invested. We can write this as an equation as follows:

4/100 * amount invested = €291.20

Solving for the amount invested, we get:

4/100 * amount invested = €291.20

amount invested = €291.20 / (4/100)

= €291.20 / 0.04

= €7,280

Therefore, Patrick invested €7,280 in the special savers bank account.