Question

Last year, Chris opened an investment account with 5200 . At the end of the year, the amount in the account had increased by 7%

Answer 1

Explanation:

By the way you've worded this, I'm guessing that you're looking for how much money Chris made at the end of the year.

When we're dealing with annual income, we must always consider how much was already present in savings before actually performing any operation, because that will give us the final answer.

Since Chris started with $5200, we do
`(0.07)($5200) = $364` to find that Chris made $364 by the end of the year.

Lastly, to find his total income at the end of the year, we add
`5200 + 364 =` $5,564 at the end of the year.