Four friends: A, B, C and D decide to deposit money in a certain bank where money gets doubled every month. At the end of the second month, A withdraws $50 from the bank. At the end of the third month, B withdraws $50 from the bank. At the end of the fourth month, C withdraws $50 from the bank. At the end of the fifth month, D withdraws $50.016 from the bank. After the last withdrawal, their balance in the bank becomes zero. Calculate how much amount the four friends had collectively deposited in the bank?
Correct Answer: $23.438
Explanation:
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