Question

A teenager puts $50 into an investment account in January. If by December the balance in the account increases by 17%, what is the amount of money in the account in December?

A.$67.00
B.$58.50
C.$41.50
D.$33.00

Answer 1

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Step 1:

In this question, we are given the following:

A teenager puts $50 into an investment account in January.

If by December the balance in the account increases by 17%,

what is the amount of money in the account in December?

Step 2:

In this case, we are going to use:

`Amount=Principal~(~1+(Rate)/(100))^(n)`

Here, Principal = $
`50`

Rate = 17%

`^(n)(Time)=~From~January~to~December=12=months=1~year`

Then, we have that:

`Amount=50~(~1+(17)/(100))^(1)`

`Amount=50~(~1+0.17~)^(1)`

`Amount=50~(~1.17)`

`Amount=` $ 58.50 (Option B)

CONCLUSION:

The amount of money in the account in December = $ 58. 50 ( OPTION B )

Hope this helps!

If you have any queries please ask.

Answer 2

58.50

Explanation:

C.$58.50