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