last year, jim opened an investment account with $6800. at the end of the year, the amount in the account…

last year, jim opened an investment account with $6800. at the end of the year, the amount in the account had increased by 7.5%. how much is this increase? how much money was in his account at the end of last year? increase in amount: $____ year - end amount: $____

last year, jim opened an investment account with $6800. at the end of the year, the amount in the account had increased by 7.5%. how much is this increase? how much money was in his account at the end of last year? increase in amount: $____ year - end amount: $____

Answer

Explanation:

Step1: Identify the formula for percentage increase

Let the initial amount be $x$. The formula for a percentage - increase is $Final\ amount=x(1 + r)$, where $r$ is the rate of increase. Here, $Final\ amount = 680$, $r=0.075$.

Step2: Solve for the initial amount $x$

We have $680=x(1 + 0.075)$. So, $x=\frac{680}{1 + 0.075}=\frac{680}{1.075}\approx632.56$.

Step3: Calculate the increase amount

The increase amount is $680 - x$. Substituting $x\approx632.56$, we get $680-632.56 = 47.44$.

Answer:

Increase in amount: $$47.44$ Year - end amount: $$680$