Sharon had a net worth at the beginning of the year of $22 000 and she saved $1000,earning 3 percent for one year.During the year she saved $50 each week from her pay cheque in a no-interest chequing account.How much is her net worth at the end of the year?
A)$25 000
B)$25 630
C)$25 600
D)$23 030

Question

Quizplus · Accepted Answer

- At the beginning of the year, Sharon had a net worth of $22,000.
- She saved $1000 and earned 3% interest for one year, which adds $1030 to her net worth. So, at this point, her net worth is: $22,000 + $1,000 + $1,030 = $24,030.
- Throughout the year, Sharon saved $50 each week, which adds up to: $50/week x 52 weeks = $2,600.
- However, this money was saved in a no-interest chequing account, so it does not contribute to her net worth.
- Therefore, her net worth at the end of the year is: $24,030.

Sharon Had a Net Worth at the Beginning of the Year