Question

What is the final amount if 660 is increased by 1% followed by a further 1% increase? Give your answer rounded to 2 DP.

Answer 1

$673.27

Explanation:

Initial amount = $660

1% Increase = $660*(1+1%)

1% Increase = $660+$6.6

1% Increase = $666.6

Further 1% Increase = $666.6*(1+1%)

Further 1% Increase = $666.6 + $6.666

Further 1% Increase = $673.266

Further 1% Increase = $673.27