Last year, Kareem opened an investment account with
$6500
. At the end of the year, the amount in the account had decreased by
7%
.
(a) Fill in the blank to write the year-end amount in terms of the original amount. Write your answer as a decimal.
Year-end=amount×Originalamount
(b) Use your answer in part (a) to determine the year-end amount in Kareem's account.
Year-endamount:$
(a) Year-end = amount × (1 - 0.07) = amount × 0.93
(b) Year-end amount = $6500 × 0.93 = $6,045
(a) The year-end amount in terms of the original amount can be expressed as:
Year-end = (1 - 0.07) * Original amount
(b) Using the formula from part (a), we can plug in the given values to calculate the year-end amount in Kareem's account:
Year-end amount = (1 - 0.07) * $6500
Year-end amount = 0.93 * $6500
Year-end amount = $6045