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SOVA2 [1]
3 years ago
7

Mike deposited $850 into the bank in July. From July to December, the amount of money he deposited into the bank increases by 25

% per month. What's the total amount of money in his account after December? Round your answer to the nearest penny.
Mathematics
2 answers:
Pie3 years ago
7 0

Answer:

$1062.5

Step-by-step explanation:

Since it is given that Money is increased by 25% from July to December.

Also, Mike deposit $850 in a bank account

Thus, He get money at the end of December = $850 × (100 + 25)%

⇒ Total Money = $850 × 125%

⇒ Total Money = $850 × 1.25

⇒ Total Money = $1062.5

lana [24]3 years ago
3 0
It should be $10,062.50 because if you multiply 850 and 25% (turn to decimal .25) then you add 850 again and you get 10,062.50.
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3 years ago
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3 years ago
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Please help me with this question!!
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6 0
3 years ago
You deposit $3000 into a money-market savings account which pays 4.8% compounded quarterly, and you make no withdrawals from or
faust18 [17]

Answer:

$5265.71

Step-by-step explanation:

We have been given that you deposit $3000 into a money-market savings account which pays 4.8% compounded quarterly.

We will use future value formula to solve our given problem.

FV=C_0\times (1+r)^n, where,

C_0=\text{Initial amount},

r = Rate of return in decimal form,

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8 0
3 years ago
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