Question

A bank doubles your money in one year time. You don't have any money with you. So you borrow equal sums of money from 4 of your friends and deposit it in the bank. You promise to return $100 extra, to each of your friends, after a year. How much should you have borrowed from each of your friends to keep a profit of $200 at the end?

Answer 1

Given:

you borrow equal sums of money from 4 of your friends and deposit it in the bank.

To find:

How much money you borrowed.

Solution:

Let the money borrowed form each friend is $ x

So the total money borrowed will be $ 4x

Profit will be $200

• Money get from the bank will be $ 8x
• Extra money is $ 4x

According to the condition of the question:

• 4x - 400 = 200
• 4x = 600
• x = 600/4
• x = 150
• Money borrowed is 4x = 4×150 = $ 600

So, $ 600 money you borrowed.