Ms. Cruz money became Php165,000 at the end of 10 months. If the bank pays 12% annually, how much was his money at the start?
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Given : Ms. Cruz money became Php165,000 at the end of 10 months. bank pays 12% annually
To Find : how much was his money at the start
Solution:
money at the start = P
Rate of interest = 12 % per annum
Time = 10 months = 10/12 = 5/6 years
SI = P * R * T /100
=> SI = P * 12 * (5/6) / 100
=> SI = P/10
=> SI = 0.1P
Amount after 10 months = P + 0.1P = 1.1P
1.1P = 165000
=> P = 150000
Money at start was = 150000
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