Question

Last year, Jim opened an investment account with 6.200. At the end of the year, the amount in the account had increased by 24%.Fill in the blank to write the year-end amount in terms of the original amount. Write your answer as a decimal.Year-end amount= ? x original amountUse your answer in part (a) to determine the year-end amount in Jim's account.Year-end amount $?

Answer 1

Given:

Jim opened an investment account with $6200. At the end of the year, the amount in the account had increased by 24%.

Required:

A) year-end amount in terms of the original amount

B) Use your answer in part (a) to determine the year-end amount in Jim's account Year-end amount $

Explanation:

At the end of year the amount increased by 24% means amount at the end of year is

$6200+6200*\frac{24}{100}=6200(1+0.24)=1.24*6200$

And the amount is

$7688$

Final answer:

At the end of year the total amount is $7688