The graph below shows the amount of money in one of Marie's savings accounts over several years. If Marie's savings continue to grow at the same rate as shown in the graph, how much money will she have saved by year 5 in this account?
The x axis of the graph is the years 0-4 and the y axis is the amount in savings from $2000-$2700. The points (0, $2000), (1, $2100), (2, $2250), (3, $2315), and (4, $2431) are marked on the graph. I know the formula and what to do to get how much money she will have, but I just need help finding the percentage, I can't seem to figure it out. I am only reuploading this question because no one has replied to it yet and I need help asap, I have finished all of the other questions I just need help with this one.
see your previous post
To find the percentage increase, you can use the formula:
Percentage Increase = [(Final Value - Initial Value) / Initial Value] * 100
In this case, the initial value is $2000 (at year 0) and the final value is $2431 (at year 4).
So, the percentage increase can be calculated as:
Percentage Increase = [($2431 - $2000) / $2000] * 100
Percentage Increase = (431 / 2000) * 100
Percentage Increase ≈ 21.55%
Now, to calculate how much money Marie will have saved by year 5, you can apply this same percentage increase to the final value:
Amount in Year 5 = Final Value + (Final Value * Percentage Increase)
Amount in Year 5 = $2431 + ($2431 * 0.2155)
Amount in Year 5 ≈ $2948.86
Therefore, Marie will have approximately $2948.86 saved by year 5 in this account.
To find the percentage increase between two points on a graph, you can use the following formula:
Percentage increase = ((final amount - initial amount) / initial amount) * 100
In this case, let's find the percentage increase between year 0 and year 1:
Initial amount = $2000
Final amount = $2100
Percentage increase = (($2100 - $2000) / $2000) * 100 = (100 / $2000) * 100 = 5%
Similarly, you can calculate the percentage increase between each subsequent year. For example, between year 1 and year 2:
Initial amount = $2100
Final amount = $2250
Percentage increase = (($2250 - $2100) / $2100) * 100 = (150 / $2100) * 100 ≈ 7.14%
You can repeat this process for the remaining years to find the percentage increase between each pair of consecutive years. Once you have the percentages, you can apply them to the previous year's savings amount to calculate the savings for the next year.
To find how much money Marie will have saved by year 5, you can use the percentage increase from year 4 to year 5 on the previous year's savings amount ($2431). However, since you mentioned you know the formula and what to do, you can proceed with the calculations yourself.