Mr.Howard was planning on depositing a certain amount of money each month into a collage fund for his children He then decided not to make any contribution during June and July to make the same annual contritibution that he dad originally planned, by what percent should he increase his monthly deposits?
Deposit = $X per mo.
x/mo. * 12mo. = $12x/yr.
12mo./10mo * x/mo. = $1.2x/mo.
(1.2x/x) * 100% = 1.2 * 100% = 120%.
% increase = 120% - 100% = 20%.
Well, Mr. Howard seems to be in quite a pickle! To figure out the percentage increase in his monthly deposits, let's break it down.
If Mr. Howard was planning on making contributions for 12 months and then decided not to contribute in June and July, he skipped 2 months. So now he only has 10 months left to make the same annual contribution.
To find the percentage increase, we need to compare the original monthly deposit to the new monthly deposit. Since the total annual contribution remains the same, we can divide the original monthly deposit by 10 (instead of 12) to get the new monthly deposit.
Now, we can calculate the percentage increase using the formula:
(New - Original) / Original * 100.
So, essentially it would be:
((Original / 10) - Original) / Original * 100.
That's the math side of the story. But if we're being honest, Mr. Howard might need a little encouragement here. Maybe he can start a "Bank of Dad" and charge his kids some interest for the months he skipped. Who knows, maybe he'll make a profit out of this situation!
To determine the percentage increase in Mr. Howard's monthly deposits, we can follow these steps:
Step 1: Calculate the total annual contribution Mr. Howard had originally planned.
Step 2: Find out the monthly contribution amount Mr. Howard would need to make to achieve the original annual contribution.
Step 3: Calculate the new total annual contribution Mr. Howard can make, considering that he did not contribute in June and July.
Step 4: Determine the new monthly contribution amount Mr. Howard would need to make to achieve the revised annual contribution.
Step 5: Calculate the percentage increase in monthly deposits.
Let's go through each step one by one:
Step 1: Calculate the total annual contribution Mr. Howard had originally planned.
Assuming Mr. Howard initially planned to contribute a certain amount each month:
Original monthly contribution = X
Number of months in a year = 12
Total annual contribution = Original monthly contribution * Number of months in a year
Step 2: Find out the monthly contribution amount Mr. Howard would need to make to achieve the original annual contribution.
Monthly contribution needed = Total annual contribution / Number of months in a year
Step 3: Calculate the new total annual contribution Mr. Howard can make, considering that he did not contribute in June and July.
Revised total annual contribution = Total annual contribution - (Original monthly contribution * 2)
Step 4: Determine the new monthly contribution amount Mr. Howard would need to make to achieve the revised annual contribution.
Monthly contribution needed = Revised total annual contribution / Number of months remaining in the year
Step 5: Calculate the percentage increase in monthly deposits.
Percentage increase = ((New monthly contribution - Original monthly contribution) / Original monthly contribution) * 100
By following these steps, you can determine the percentage increase in Mr. Howard's monthly deposits.
To calculate the percent increase in monthly deposits required, we need to compare the original contribution per month to the revised contribution per month.
Let's assume the original monthly deposit amount planned by Mr. Howard was M dollars.
To find the revised monthly deposit amount, we need to consider that Mr. Howard skipped the contributions for two months (June and July) and wants to make the same annual contribution as originally planned.
The number of months in a year is 12, so the annual contribution amount would be 12 times the original monthly deposit:
Original annual contribution = 12 * M dollars
Since Mr. Howard did not contribute during June and July, the revised annual contribution would be the same, but for 10 months:
Revised annual contribution = 10 * X dollars
To find X, the new monthly deposit amount required, we need to equate the two annual contribution amounts:
12 * M = 10 * X
Dividing both sides by 10:
X = (12 * M) / 10
Therefore, Mr. Howard should increase his monthly deposits to (12 * M) / 10 dollars in order to make the same annual contribution after skipping contributions for June and July.
To find the percentage increase, we need to compare the new monthly deposit amount (X) with the original monthly deposit amount (M):
Percent increase = [(X - M) / M] * 100
Substituting the values, the formula becomes:
Percent increase = [((12 * M) / 10 - M) / M] * 100
Simplifying the equation:
Percent increase = [(12 - 10) / 10] * 100
Percent increase = 20%
Therefore, Mr. Howard should increase his monthly deposits by 20% in order to maintain the same annual contribution after skipping June and July.
Too many unknown variables in this question.
e.g. How many years?
What is the expected amount?
What rate of interest?
....