Free Practice Question
PS · Problem Solving
555-605
Percentages
A bank pays interest to its customers on the last day of the year. The interest paid to a customer
is calculated as 10% of the average monthly balance maintained by the customer. John is a
customer at the bank. On the last day, when the interest was accumulated into his account, his
bank balance doubled to $5680. What is the average monthly balance maintained by John in his
account during the year?
is calculated as 10% of the average monthly balance maintained by the customer. John is a
customer at the bank. On the last day, when the interest was accumulated into his account, his
bank balance doubled to $5680. What is the average monthly balance maintained by John in his
account during the year?
Answer Choices
Sign in to reveal the correct answerA
2840
B
5680
C
6840
D
7540
E
28400
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Explanation
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Difficulty
555-605
Type
PS
Category