A man went to a bank and deposited $100.00. After a year he withdrawed $50.00. Then he deposited all the money he had except for his last withdrawel. After another year he had $66.00. What is the percentage of the man's money that is givin to you as interest per year.
2006-07-09 00:16:33 · 4 answers · asked by Eric X 5 in Science & Mathematics ➔ Mathematics
I don't think it is possible to find the answer.
Step 1: Deposit $100
Step 2: apply interest for one year to total
Step 3: Subtract $50
Step 4: deposit all the money he had except for his last withdrawl???
Step 5. Apply interest for one year to total
Step 6 Balance = $66?
I need help understanding what you mean in step 4 and step 6
2006-07-09 00:26:09 · answer #1 · answered by insideoutsock 3 · 2⤊ 0⤋
Here the principal =$100
interest on $100for a year be $ x
therefore the total amount by the end of 1 year = $ 100 + $ x
now $50 is withdrawn as result the remaining amount is $ 50 + $x
and hence for the second year the interest added will be again x and hence it will be now = $50 +2.x
but in the end the amount he had in his hand is $ 66
Therefore , $ 50 + 2 x = $ 66
2 x = $ 16
x = $ 8
Therefore the interest is 8 %
2006-07-09 08:19:07 · answer #2 · answered by vishal m 1 · 0⤊ 0⤋
10%
After one year, he would have $100 + $10 interest
He withdraws $50, leaving $60
The $60 earns 10%, so at the end of the following year, there is a balance of $66.
Easy enough for a child of 3 to solve.
2006-07-09 07:36:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
that would make 10%.
2006-07-09 08:08:51 · answer #4 · answered by ♥ Riya ♥♥♥ 2 · 0⤊ 0⤋