Andrew started saving at the beginning of the year and had saved $240 by the end of the year. He continued to save and by the end of 2 years had saved a total of $540. Which of the following is closest to the percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year?

A. 11%

B. 25%

C. 44%

D. 56%

E. 125%

Question

Karina Bird

Business

20 July, 14:17

Andrew started saving at the beginning of the year and had saved $240 by the end of the year. He continued to save and by the end of 2 years had saved a total of $540. Which of the following is closest to the percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year?

A. 11%

B. 25%

C. 44%

D. 56%

E. 125%

+5

Answers (1)

Know the Answer?

Mila James · Answer 1

B. 25%

Explanation:

Amount saved in Yr1 = $240

Amount saved in second year = Value at the end of yr2 - value at the beg. of yr2.

Amount saved in second year = $540 - $240 = $300

Increase (in dollars) =

$300 - $240 = $60

% Increase in amount saved = [ Increase (in dollar) / Amount saved in Yr1] * 100

% Increase = (60 / 240) * 100

=0.25 * 100

=25%