Question

Last year, Goran opened an investment account with 5600. At the end of the year, the amount in the account had increased by 23.5% . How much is this increase in dollars? How much money was in his account at the end of last year?

Answer 1

a) 1316 dollars

b) 6916 dollars

Explanation:

Last year, Goran opened an investment account with 5600. At the end of the year, the amount in the account had increased by 23.5% .

a) How much is this increase in dollars?

The increase on dollars is calculated as:

5600 × 23.5%

= 1316 dollars

b) How much money was in his account at the end of last year ?

The amount of money in his account at the end of last year is calculated as:

Increase + Initial amount invested

=( 1316 + 5600) dollars

= 6916 dollars