4.
A musician wants to buy sound equipment. He has saved $750. He plans to add $130 to this amount every month for the next 12 months and not spend any of the money he saves until he can afford the equipment.
Which percentage is closest to the percent increase from the original amount of money he has saved to the amount he will have at the end of 12 months?
208%
32%
68%
480%
To calculate the amount he will have at the end of 12 months, we multiply the monthly addition by the number of months and add it to the original amount saved:
$750 + ($130 * 12) = $750 + $1560 = $2310
So, the musician will have $2310 at the end of 12 months.
To calculate the percentage increase, we can use the formula:
Percentage Increase = ((Final Amount - Initial Amount) / Initial Amount) * 100
Percentage Increase = (($2310 - $750) / $750) * 100
Percentage Increase = ($1560 / $750) * 100
Percentage Increase = 2.08 * 100 = 208%
Therefore, the closest percentage to the percent increase from the original amount to the amount he will have at the end of 12 months is 208%.