Question

Last year, Bill opened an investment account with $6800 . At the end of the year, the amount in the account had increased by 24.5% . How much is this increase in dollars? How much money was in his account at the end of last year?

Answer 1

Bill's investment increased by $1666 over the year, which is 24.5% of the original $6800. At the end of the year, the total amount of money in the account was $8466.

Step-by-step explanation:

To determine the increase in dollars due to the investment growth of 24.5%, we would calculate 24.5% of $6800. We can use the formula increase = principal × (rate/100), where principal is the starting amount and rate is the percentage increase.

So, increase = $6800 × (24.5/100) = $6800 × 0.245 = $1666. This means that the increase in dollars is $1666.

Next, to find out how much money was in his account at the end of last year, we add this increase to the original investment: total amount = original amount + increase = $6800 + $1666 = $8466. Therefore, the total amount in the account at the end of the year was $8466.

Answer 2

I hope this was helpful!!!