Question

Last year, Scott opened an investment account with $8400. At the end of the year, the amount in the account had increased by 7.5%. How much is this increase in dollars? How much money was in his account at the end of last year?

Answer 1

Answer: $630 increase, $9030 in total

Step-by-step explanation: Using the formula Prt (Principal x Rate x Time)

Scott started with 8400 and %7.5 rate and 1 year, so (8400)(0.075)(1) = $630 in interest and 8400 + 630 = $9030 in Scott's account.

Answer 2

Answer: 9,030$

8400 * 0.075 = 630

630 + 8400 = 9030$