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1 answer:
Answer:
£280.0
Step-by-step explanation:
Given the following
Rate R= 4%
Time T = 1year
Amount = £291.20
Simple Interest I = ?
I = PRT/100
A = P+I
Since P = A-I
I = (A-I)RT/100
I = (291.2-I)RT/100
100I = (291.2-I)4
100I = 1,164.8-4I
104I = 1,164.8
I = 1,164.8/104
I = £11.2
Amount = P+I
Principal = A-I
P = 291.2-11.2
P = 280.0
Hence patrick invested £280.0
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