Question

Alan deposited $300 into a savinga account. At the end of the first year, the amount of money in the account has increased to $336. At the end of the second year, he had $420. Find the percentg increase in the amount of money in his savings account at the end of the first year. HOW DO I SOLVE THIS????

Answer 1

He had put in $300 and got out $336 at the end of the year.
This means an increase of $36 over a year.

10% of $300 = $30 dollars
This shows that he definitely got more than a 10% increase.

Alan got $6 more than $30 so to find 6 from 30, you divide by 5

so ( 10% = $30 ) divided by 5 = ( 2% = $6 )

Adding the amount of money and percentages gives you 12% = $36

So the amount of mpercentage increase is 12%

Overall the amount of money in his bank now compared to when he deposited it, he has 112% in the bank.