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.

Question

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?

480%

32%

208%

68%

Answer 1

The musician starts with $750 and plans to add $130 every month for 12 months.

Original amount saved: $750
Amount saved after 12 months: $750 + ($130 * 12) = $750 + $1560 = $2310

Percent increase = ((Amount after 12 months - Original amount)/Original amount) * 100
Percent increase = (($2310 - $750) / $750) * 100
Percent increase = ($1560 / $750) * 100
Percent increase = 208%

Therefore, the closest percentage 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 is 208%.