What is the answer to the Math question below?

User Generated

fvarnqd123@vpybhq.pb

Mathematics

Description

two years ago paul bought 350 dollars worth of stock on his cell phone company. since then the value of his stock has been increasing at an average 9 3/4% per year. how much is the stock worth now.

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Explanation & Answer

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350 dollars is the starting amount. After the first year his stock increased by 9.75%. Multiply by 1.0975 to increase by that percentage.

350(1.0975)=384.125 dollars.

The next year it increased another 9.75%.

384.125(1.0975)=421.577188 dollars.

Round to the nearest penny which would be the second number after the decimal so the answer is $421.58

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