Question

what percentage of the final balance is Devon's retirement account was interest .Future Value = 853,832.69Devon;s Contribution = 251,520

Answer 1

70.54%

Step-by-step explanation:

From the earlier calculations:

• The future value of her savings = $853,832.69

,

• Devon's contribution = $251,520

First, we determine the interest earned.

`\begin{gathered} \text{Interest}=\text{Future Value-Contribution} \\ =853,832.69-251,520 \\ =\$602,312.69 \end{gathered}`

Therefore, the percentage of the final balance that was interest is:

`\begin{gathered} \frac{\text{Interest}}{Final\text{ Balance}}*100 \\ =(602312.69)/(853832.69)*100 \\ =70.54\% \end{gathered}`

The percentage is 70.54%.