Sharone 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

Sharone's initial net worth was $22,000. She saved $1,000 earning 3% interest, which is $1,000 * 0.03 = $30. She also saved $50 each week for 52 weeks, totaling $50 * 52 = $2,600. Her net worth at the end of the year is $22,000 + $1,000 + $30 + $2,600 = $25,630.

Sharone Had a Net Worth at the Beginning of the Year