Mathematics, 05.05.2020 02:00 vanessaporter1545

On the 1st of January 2014, Carol invests some money into the bank.
On the 1st of January 2015, she withdrew £1000.
On the 1st of January 2016, she had £2357.60 in her account
Work out the original investment

23360
Step-by-step explanation:
I=interest
P=principal amount (original amount)
I1= P×1.025
I2=(I1-1000)×1.025
23517.60=I2×1.025
re-arrange it to equal to the new value
23571.60=(P×1.025)-1000×1.025
23571.60/1.025=(P×1.025)-1000
22944=(P×1.025)-1000
22944+1000=(P×1.025)
23944=P×1.025
23944/1.025=P
P=23360

Answers: 2

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On the 1st of January 2014, Carol invests some money into the bank.
On the 1st of January 2015...