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?
Question 4 options:
480%
32%
208%
68%
The original amount saved is $750.
At the end of 12 months, he will have saved $750 + ($130 * 12) = $750 + $1560 = $2310.
The percent increase from $750 to $2310 is:
(($2310 - $750) / $750) * 100% = 208%.
Therefore, the closest percentage increase is 208%.
Correct answer: 208%