Last year, Rachel opened an investment account with $5500. At the end of the year, the amount in the account had decreased by 6.2%. How much is this decrease in dollars? How much money was in her account at the end of last year?

Question

Decrease in amount:

Year-end amount:

Answer 1

To find the decrease in dollars and the year-end amount, we can follow these steps:

1. Calculate the decrease in amount: $$\text{Decrease}=\text{Initial amount}\times \text{Percentage decrease}$$ $$\text{Decrease}=5500\times 0.062=341$$

2. Calculate the year-end amount: $$\text{Year-end amount}=\text{Initial amount}-\text{Decrease}$$ $$\text{Year-end amount}=5500-341=5159$$

So, the results are as follows:

• Decrease in amount: $341
• Year-end amount: $5159