Question

Last year, Alan opened an investment account with $7200. At the end of the year, the amount in the account had increased by 6.5%. How much is this increase in dollars? How much money was in his account at the end of the year?

Answer 1

1) $468

2) 7668

Explanation:

1) 6.5% of 7200 is 468. Therefore, this is the amount it had increased.

2) 7200+468=7668 Total for the end of the year