At the end of last year the wealth was $48,000, with a return on the accumulated wealth was 2% during this year and $1700 was saved this year. At the end of this year the accumulated wealth is:
A) $49,700
B) $50,660
C) $46,300
D) $2660
E) None of the above

Question

Quizplus · Accepted Answer

The wealth at the end of last year was $48,000. With a 2% return on this amount, the wealth increases by $48,000 * 0.02 = $960. Adding the $1700 saved this year, the total increase is $960 + $1700 = $2660. Therefore, the accumulated wealth at the end of this year is $48,000 + $2660 = $50,660.

At the End of Last Year the Wealth Was $48,000