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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? {silence}Option A.{silence}480% {silence}Option Be.{silence}32% {silence}Option C.{silence}208% {silence}Option D.{silence}68%

Question

A musician wants to buy sound equipment. He has saved 750.Heplanstoadd750. 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? {silence}Option A.{silence}480% {silence}Option Be.{silence}32% {silence}Option C.{silence}208% {silence}Option D.{silence}68%

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Solution

To solve this problem, we first need to calculate how much money the musician will have saved at the end of 12 months.

He starts with 750andsavesanadditional750 and saves an additional 130 every month for 12 months.

So, the total amount saved is 750+(750 + (130 * 12) = 750+750 + 1560 = $2310.

Next, we need to calculate the percent increase from the original amount he saved (750)totheamounthewillhaveattheendof12months(750) to the amount he will have at the end of 12 months (2310).

The formula for percent increase is:

((New Amount - Original Amount) / Original Amount) * 100%

So, the percent increase is:

((23102310 - 750) / 750)100750) * 100% = (1560 / $750) * 100% = 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%, which is Option C.

This problem has been solved

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