Problem: a bank pays interest to its customers on the last day of the year . the interest paid to a customer is calculated as 10 % of the average monthly balance maintained by the customer . john is a customer at the bank . on the last day , when the interest was accumulated into his account , his bank balance doubled to $ 5080 . what is the average monthly balance maintained by john in his account during the year ?
Rationale: bank balance is doubled with accumulation of interest tp 5080 . . this means interest is 5080 / 2 = 2540 for entire year . . although since interest is 10 % of avg monthly balance , it becomes 25400 . . d
annotated_formula: multiply(5080, divide(10, const_2))