Question

Last year, Dan opened an investment account with $7800. At the end of the year, the amount in the account had increased by 29.5%. How much is this increase

In dollars? How much money was in his account at the end of last year?

Answer 1

10,101

Explanation:

Percent (%) means 'out of one hundred'

29.5%= 29.5/100 'out of one hundred'

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How to increase the number 7,800

by 29.5% of it's value?

1.) Calculate the new value of the number increased by the percentage of it's initial value

The new value=

7,800+ The value of the percentage increase=

7,800 + (29.5% x 7,800) =

7,800 + 29.5% x 7,800=

(1 + 29.5%) x 7,800=

(100% + 29.5%) x 7,800=

129.5% x 7,800

129.5 ÷ 100 x 7,800=

129.5 x 7,800 ÷ 100=

1,010,100 ÷ 100=

10,101

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I hope this was helpful!