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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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