Amy invested $223 in the bank and a year later has $280.98. By what percent has the amount changed?

Question

74% increase

26% increase

79% increase

21% increase

Answer 1

To find the percent change, we can use the formula for percent change:

\[ \text{Percent Change} = \left(\frac{\text{New Value} - \text{Old Value}}{\text{Old Value}}\right) \times 100 \]

In this case:

• Old Value (initial investment) = $223
• New Value (amount after one year) = $280.98

Now, we can calculate the change:

\[ \text{Change} = \text{New Value} - \text{Old Value} = 280.98 - 223 = 57.98 \]

Now plug the values into the percent change formula:

\[ \text{Percent Change} = \left(\frac{57.98}{223}\right) \times 100 \]

Calculating the fraction:

\[ \frac{57.98}{223} \approx 0.2600 \]

Now, multiply by 100 to convert to percent:

\[ \text{Percent Change} \approx 0.2600 \times 100 \approx 26.00% \]

Thus, the amount has changed by approximately 26% increase.

The correct answer is:

26% increase