Question

Last year, Jose opened an investment account with $8600 . At the end of the year, the amount in the account had increased by 24.5% . How much is this increase in dollars? How much money was in his account at the end of last year?
Increase in amount:
Year-end amount:

Answer 1

To calculate the increase in dollars and the year-end amount for Jose's investment account, we can use the following steps:

1. **Calculate the increase in amount**:
\[
\text{Increase} = \text{Initial amount} \times \left(\frac{\text{Percentage increase}}{100}\right)
\]
\[
\text{Increase} = 8600 \times \left(\frac{24.5}{100}\right) = 8600 \times 0.245 = 2107
\]

2. **Calculate the year-end amount**:
\[
\text{Year-end amount} = \text{Initial amount} + \text{Increase}
\]
\[
\text{Year-end amount} = 8600 + 2107 = 10707
\]

Thus, the answers are:
- Increase in amount: **$2107**
- Year-end amount: **$10707**