jmoney7995 jmoney7995
  • 20-11-2019
  • Mathematics
contestada

A stock grows by 7% every day 3 consecutive days. By what percent has it grown above it’s starting point?

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mnhlabatsi7
mnhlabatsi7 mnhlabatsi7
  • 21-11-2019

Answer:

22.5%

Step-by-step explanation:

Let the starting amount be x

Recorded below is the amount after:

0 days = x

1 day = x + (7% of x) = 1.07x

2 days = 1.07x + (7% of 1.07x) = 1.1449x

3 days = 1.1449x + (7% of 1.1449) = 1.225x

so by the third day, the total amount is 1.225 times the starting amount(x) or 122.5% meaning it grew by 22.5% in three days.

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