( PLEASE ANSWER FAST !!!!!!! ) Patrick invested money into a special savers bank account. Each year money in the account earns

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?

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Diễm Thu 6 months 2021-08-23T19:57:57+00:00 1 Answers 0 views 0

Answers ( )

    0
    2021-08-23T19:59:41+00:00

    Answer:

    £280.0

    Step-by-step 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

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