Question

if an amount of $100 in a savings account increases by 10% , then increases by 10% again, is that the same as increasing by 20% explain.

Answer 1

100 + 100 * 10/100 = 110

NOW 110 INCREASES BY 10 %, 110 + 110*10/100 = 110+ 11 = 121

INCREASE OF 20 % = 100 + 100*20/100= 100+20 = 120

SO IT IS NOT SAME

Answer 2

No becuase when you get ten percent the 1st time you add it to the $100 then you have $110 so then you gain ten percent the second time and it would give you $121 but if you just did swenty percent it would be $120