Yi Chen made a $6,400 investment at the beginning of a year. By the end of the year, the value of the investment had decreased by 8.2%. What was it's value at the end of the year?
How would I do this? I am so very lost!
Value= 6400(1-.082)
would it not be $6400/100 then multiplied by 8.2%??
Then subtract the answer from $6400?
Yi Chen made a $6,400 investment at the beginning of a year. By the end of the year, the value of the investment had decreased by 8.2%. What was it's value at the end of the year?
To calculate the value of the investment at the end of the year after a decrease of 8.2%, you can follow these steps:
1. Convert the percentage decrease to a decimal by dividing it by 100: 8.2% = 0.082.
2. Subtract the converted decimal value from 1. This will give you the fraction of the original value that remains after the decrease: 1 - 0.082 = 0.918.
3. Multiply this fraction by the initial investment amount to find the value at the end of the year: 0.918 * $6,400 = $5,875.20.
Therefore, the value of the investment at the end of the year would be $5,875.20.