Posted by NISHI on Monday, April 1, 2013 at 5:04am.
A SUM OF MONEY IS KEPT IN A BANK AT 8% INTEREST COMPOUNDED ANNUALLY.HAD THE INTEREST BEEN AT 10% COMPOUNDED SEMI ANNUALLY THE AMOUNT AFTER 1 YEAR WOULD HAVE BEEN 225 MORE.WHAT WAS THE PRINCIPAL AMOUNT KEPT IN THE BANK?

MATHS  Reiny, Monday, April 1, 2013 at 8:24am
let the amount be x
x(1.05)^2  x(1.08) = 225
x(1.05^2  1.08) = 225
x = 10000