document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1079272>Question 1079272</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mr chen deposit a certain sum of money in a bank in the interest rate of the bank decreases from 3.75% per annum to 3.5% per annum. Mr chen's interest will decrease by $50 in a year. find the sum of money he deposites </SPAN>\n" );
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document.write( "The other tutor who responded has a habit of supplying answers without checking to see if they are correct.  A simple arithmetic error in her response leads to an incorrect answer.<br><BR>\n" );
document.write( "The interest rate decreased by 1/4 of 1 percent, resulting in a decrease of $50 in interest.<br><BR>\n" );
document.write( "A decrease of 1/4 of 1 percent resulting in a decrease of $50 in interest means that a decrease of 1 percent would result in a decrease of 4($50) = $200; that means the amount invested was 100($200) = $20,000.<br><BR>\n" );
document.write( "ANSWER: $20,000<br><BR>\n" );
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