Kirk Byrd
12/31/2023 · Primary School
14. Billy deposited a sum of money in bank \( A \) at an interest rate of \( 3.6 \% \) p.a. for 1 year, compounded monthly. The compound interest received was \( \$ 274.5 \). (a) Find the principal. (b) Billy withdrew the amount and transferred it to bank B at an interest rate of \( 3 \% \) p.a. for 18 months, compounded half-yearly. Find the amount received from bank B. (Give the answers correct to the nearest dollar.)
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(a) Principal in bank A: $7548
(b) Amount from bank B: $7893
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