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Last year, Deon opened an investment account with $8600. At the end of the year, the amount in the account had decreased by 7.5%. How much is this decrease in dollars? How much money was in his account at the end of last year?Decrease in amount: $Year-end amount: $

Question

Last year, Deon opened an investment account with 8600.Attheendoftheyear,theamountintheaccounthaddecreasedby7.58600. At the end of the year, the amount in the account had decreased by 7.5%. How much is this decrease in dollars? How much money was in his account at the end of last year?Decrease in amount: Year-end amount: $

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Solution

To find the decrease in dollars, we need to calculate 7.5% of $8600.

Step 1: Convert the percentage to a decimal by dividing by 100. So, 7.5% becomes 0.075.

Step 2: Multiply the original amount by the decimal. 8600∗0.075=8600 * 0.075 = 645

So, the decrease in amount is $645.

To find the year-end amount, we subtract the decrease from the original amount.

Step 3: Subtract the decrease from the original amount. 8600−8600 - 645 = $7955

So, the year-end amount in his account was $7955.

This problem has been solved

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