math

Mr chen deposits a certain amount in a bank if the interest of the bank decreased from 3.75% to 3.5% per annum mr chen's interest decrease by 50$ in a year find the sum of amount he deposits

  1. 👍
  2. 👎
  3. 👁
  1. Difference in interest rate
    =3.75%-3.5%
    =0.25%

    Difference in $
    = $50

    Use direct proportion
    0.25% : 50$
    100% : ?

    1. 👍
    2. 👎
  2. 3.75 - 3.50 = 0.25

    I=PRT/100
    50=P x 0.25 x 1/100
    50= 0.25P/100
    cross multiplication
    5000=0.25P
    P= 5000/0.25
    P= 20000

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Calculus Please help!

    If 7000 dollars is invested in a bank account at an interest rate of 7 per cent per year. A) Find the amount in the bank after 6 years if interest is compounded annually? B) Find the amount in the bank after 6 years if interest is

  2. Finance

    First Simple Bank pays 6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate should the bank set if it wants to match First Simple Bank over

  3. Math

    If 3000 dollars is invested in a bank account at an interest rate of 6 per cent per year, find the amount in the bank after 12 years if interest is compounded annually Find the amount in the bank after 12 years if interest is

  4. calculus

    If 8000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in the bank after 10 years if interest is compounded annually (a) b) Find the amount in the bank after 10 years if interest

  1. Algebra 1

    Adya starts with $60 in her bank account. Each week she earns $20 from her babysitting job and deposits it into her account for each of the next 10 weeks. Write an equation that represents the relationship between the dollar

  2. Finance

    A new bank has vault cash of $1 million and $5 million in deposits held at its Federal Reserve District Bank. a. If the required reserves ratio is 8 percent, what dollar amount of deposits can the bank have? b. If the bank holds

  3. Finance

    Solution needed . You need to have $50000 at the end of 10 years .To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposits it in the bank. the bank pays 8 percent

  4. Calculus :)

    If 8000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in the bank after 11 years if interest is compounded annually ____ Find the amount in the bank after 11 years if interest

  1. Finance

    Assume a bank has $5 million in deposits and $1 million in vault cash. If the bank holds $1 million in excess reserves and the required reserves ratio is 8 percent, what level of deposits are being held?

  2. math

    If 3000 dollars is invested in a bank account at an interest rate of 9 per cent per year, find the amount in the bank after 5 years if interest is compounded annually

  3. Maths

    Mrs Ricky borrowed $5,340 at a bank at 9.5% per annum simple interest for 5 years. (A) the sum of money paid in interest to the bank. (B) the total amount of money repaid to the bank. (C) the value of each monthly installment.

  4. Business finance

    You need to have $50,000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposit it in the bank. The bank pays 8 percent interest compounded

You can view more similar questions or ask a new question.