A scholarship fund awards $2000 to a student. If the fund increases the award by

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Question: A scholarship fund awards $2000 to a student. If the fund increases the award by 15% each year, how much will the student receive after 2 years? (2022)

Options:

$2460
$2300
$2400
$2500

Correct Answer: $2460

Exam Year: 2022

Solution:

After 1 year: 2000 + (15/100) * 2000 = 2000 + 300 = 2300. After 2 years: 2300 + (15/100) * 2300 = 2300 + 345 = $2645.

A scholarship fund awards $2000 to a student. If the fund increases the award by

Practice Questions

A scholarship fund awards $2000 to a student. If the fund increases the award by 15% each year, how much will the student receive after 2 years? (2022)

$2460
$2300
$2400
$2500

Questions & Step-by-Step Solutions

A scholarship fund awards $2000 to a student. If the fund increases the award by 15% each year, how much will the student receive after 2 years? (2022)

Step 1: Start with the initial scholarship amount, which is $2000.
Step 2: Calculate the increase for the first year. To find 15% of $2000, multiply 2000 by 0.15. This gives you $300.
Step 3: Add the increase from Step 2 to the initial amount. So, $2000 + $300 = $2300. This is the amount after 1 year.
Step 4: Now, calculate the increase for the second year. To find 15% of $2300, multiply 2300 by 0.15. This gives you $345.
Step 5: Add the increase from Step 4 to the amount after 1 year. So, $2300 + $345 = $2645. This is the amount after 2 years.

Percentage Increase – Understanding how to calculate a percentage increase on a given amount over multiple periods.
Compound Interest – Applying the concept of compound growth where the increase is calculated on the new total each year.

A scholarship fund awards $2000 to a student. If the fund increases the award by

What’s inside this PDF?

A scholarship fund awards $2000 to a student. If the fund increases the award by

Practice Questions

Questions & Step-by-Step Solutions

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