If $100 in one year gains $3.50 interest, what sum will gain $38.50 in one year and a quarter?

Question

There is no further information.

Answer 1

I have no idea.

Answer 2

Someone must have read the AP article about Abraham Lincoln and math.
 

$38.50 / 5 quarters (1.25 years) = $7.70

$7.70 * 4 quarters (1 year) = $30.80

--------------------------------

X + .035X = X + 30.80

1.035X = X + 30.80

.035X = 30.80
 
X = $880

Therefore:

$880 * .035 = $30.80 (one year's interest).  Add another $7.70 (one quarter of a year's interest) and you will get $38.50.

 

 

Answer 3

100$ gains 3.50....... so,interest is 3.5% for 1 year i.e 12 months..... let X be the sum. for 1 year,the gain is X*3.5/100 for 1 month,the gain=(X*(3.5/12))/100 for 15 months,gain=X*(15*(3.5/12))/100 gain=X*17.5/400=38.50 X=(3850*4)/17.5=880