I have no idea how to work this problem. Someone show me how to please
You have just received word that your original investment of $650 has increased in value by 17%. What is the value of your investment today?
In order to solve this problem we would first need to find out what 17% of the original value is in dollars. This can be found by:
- 650 x (17/100) = 650 x 0.17 = $110.5
What this is telling us, is that the original investment has increased by $110.5. Therefore our final answer will be:
- 650 + 110.5 = $760.5
Hope this helps!
For your introduction to this type of problem you should solve it this way so you understand how it works:
Since you started with $650 and it went up by 17%, you can calculate what 17% of $650 is, then add that to the starting amount.
17% is the same as 0.17, so 17% of $650 is:
$650 * 0.17 = $110.50
This is the amount of the gain. Just add it to $650:
Amount today = $650 + $110.50 = $760.50
After you get a little practice with doing it that way, you can speed it up a bit.
As of today you still have 100% of the original investment, plus 17% more.
You can add 100% + 17% to get 117%. Multiply that times the original investment.
117% = 1.17
$650 * 1.17 = $760.50