Question

Last year, Sung opened an investment account with $5600.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 last year?

Answer 1

The increase was of $364.

$5,964 is the amount of money at the end of last year.

Explanation:

We are given the following in the question:

Initial amount in the investment account = $5600

Increase in percentage a the end of year = 6.5%

Increase in dollars =

`6.5\%* 5600\\\\=(6.5)/(100)* 5600\\\\=364\$`

Thus, the increase was of $364.

Money at the end of last year =

Initial amount + 6.5%(Initial amount)

`= 5600 + 364\\=5964\$`

Thus, $5,964 is the amount of money at the end of last year.