Mr Bala puts $6 500 in a bank which pays an annual interest of 5%. How much more must he put into the bank so that he will have $7560 altogether in the bank at the end of one year, including interest?        (1) $1060

(2) $735

(3) $1 460

(4) $700

Let's solve this problem step by step:

1. **Initial Deposit and Interest**:
   Mr. Bala deposits $6,500, and the bank pays 5% interest annually. The interest he earns after one year is calculated as:
   
   \

Mr Bala puts $6 500 in a bank which pays an annual interest of 5%. How much more must he put into the bank so that he will have $7560 altogether in the bank at the end of one year, including interest? (1) $1060 (2) $735 (3) $1 460 (4) $700

Solve a simple interest problem where Mr. Bala deposits $6,500 at 5% interest and needs to find how much more he must deposit to have $7,560 after one year. This problem involves basic algebra and the simple interest formula, suitable for Grades 6-8.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation