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.
2 answers:
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
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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