Question

A college student wants to buy a dj set. he has saved $500. he plans to add $50 to this amount every month for the next 12 months and not spend any of it until he can buy the dj set. which percentage is the closest representation of the increase from the principal he has saved to the amount he will have at the end of the 12 months.

Answer 1

The student has a $500 initial saving and will save an additional $600 over 12 months. The total amount after 12 months will be $1100. The percentage increase from the initial amount to the total is 120%.

Step-by-step explanation:

The student wants to calculate the percentage increase from the initial amount saved to the amount they will have after saving an additional $50 each month for 12 months. To do this, we need to find out the total amount saved after the 12 months and then calculate the percentage increase.

Initially, the student has $500. The student saves $50 every month for 12 months, which is 50 x 12 = $600. Therefore, the total amount after 12 months is $500 + $600 = $1100.

Next, we calculate the increase in savings, which is $1100 (final amount) - $500 (initial amount) = $600 increase. To find the percentage increase, we use the formula (Increase / Original amount) x 100%. So, ($600 / $500) x 100% = 120% increase.