Deposited 66314

Mr. Adam and Mr. Milan each deposited 20,000 euros in their bank. After the first year, Mr. Adam added 600 euros and Mr. Milan 550 euros. What was the interest rate of each bank?

Correct answer:

p₁ =  3 %
p₂ =  2.75 %

Step-by-step explanation:

$$\begin{gathered} v=20000\text{eur} \\ {i}_1=600\text{eur} \\ {p}_1=100\cdot \frac{i_1}{v}=100\cdot \frac{600}{20000}=\frac{100\cdot 600}{20000}=\frac{60000}{20000}=3\% \end{gathered}$$

$$\begin{gathered} i_2=550\text{eur} \\ {p}_2=100\cdot \frac{i_2}{v}=100\cdot \frac{550}{20000}=\frac{100\cdot 550}{20000}=\frac{55000}{20000}=\frac{11}{4}\%=2.75\% \end{gathered}$$

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