Question

Last year, Carlos opened an investment account $5,200 with. 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

ANSWER

$\begin{gathered} 338 \\ 5538 \end{gathered}$

EXPLANATION

The Principal is $5200;

Increase rate is; 6.5%

The increase in dollar is;

$\begin{gathered} \frac{6.5}{100}\times5200 \\ =338 \end{gathered}$

Hence, the amount in the account at the end of the year;

$\begin{gathered} A=P+I \\ =5200+388 \\ =5538 \end{gathered}$

Therefore, the increase in dollar is $338 while the amount in the account at the end of the year is $5538