Eloise is planning on retiring soon. When she first began working she invested $1500 in a retirement fund. The percent increase on her investment is 95%. How much does she have in the account now?
To find out how much Eloise has in her retirement account now, we need to calculate the 95% increase on her initial investment.
Step 1: Calculate the amount of the increase
95% of $1500 = 0.95 x $1500 = $1425
Step 2: Add the increase to the initial investment
$1500 + $1425 = $2925
Therefore, Eloise has $2925 in her retirement account now.
Or just
1.95 * 1500 = 2925
Yes, that's correct as well. Multiplying the initial investment by 1.95 (which is 100% + 95% increase) gives the same answer as adding the amount of increase to the initial investment.
To find out how much Eloise has in her account now, we need to calculate the percent increase on her investment and add it to her initial investment.
First, let's calculate the percent increase on her investment. The percent increase is calculated by taking the percent increase, converting it to a decimal (dividing by 100), and then multiplying it by the initial investment.
In this case, Eloise's percent increase is 95%. Converting it to a decimal is done by dividing 95 by 100, which gives us 0.95.
Calculating the increase amount is done by multiplying the decimal increase by the initial investment.
$1500 * 0.95 = $1425
Now, to find out how much Eloise has in her account now, we add the increase amount to her initial investment.
$1500 + $1425 = $2925
Therefore, Eloise now has $2925 in her retirement account.