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HACTEHA [7]
3 years ago
11

In 1978, the amount of earnings required to earn one Social Security credit was $250. Thirty-eight years later, in 2016, the amo

unt was $1260. What was the percent increase in the amount required to earn a credit over this 38-year span?
Mathematics
1 answer:
lys-0071 [83]3 years ago
4 0

Answer:

404%

Step-by-step explanation:

To find the percentage difference do the following: (FV - SV)/|SV| * 100

(1260 - 250)/|250| * 100 <em>{Subtract 250 from 1260 to get 1010. The absolute value of 250 is 250.}</em>

1010/250 * 100 <em>{Divide 1010 by 250 to get 4.04, or 101/25.}</em>

101/25 * 100/1 <em>{CROSS CANCELLATION}</em>

101 * 4 <em>{Multiply 4 by 101 to get 404.}</em>

404%

The percent increase in the amount required to earn a credit over 38 years is 404%.

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Answer:

None of the above, it should be $4760

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then, solving our equation

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The simple interest accumulated

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at a rate of 12% per year

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