Mr Tung deposited $10000 in a bank on his 25th birthday and $9000 on his 26th birthday. The interest was cmpounded yearly at r% p.a., and the total amount recieved on his 27th birthday was $22000. Find r.
The $10000 deposited on his 25th birthday became $10000(1 + r/100)^2 on his 27th birthday
The $9000 deposited on his 26th birthday became $9000(1 + r/100) on his 27th birthday
Therefore 10000(1 + r/100)^2 + 9000(1 + r/100) = 22000
10000 + 200r + r^2 + 9000 + 90r = 22000
r^2 + 290r - 3000 = 0
(r - 10)(r + 300) = 0
r = 10 or r = -300(rejected)