Percent Increase Word Problem: Savings Account Growth by 6% Using Equations

Published on November 3, 2026

Word-Problem

Ruby's $175 savings account grows by 6% each year, so the balance after one year is found by multiplying 175 by 1.06, giving $185.50. The variable y represents this new account balance in dollars.

Question

Answer

Answer:

represents the amount of money (in dollars) in Ruby’s savings account after 1 year.

A 6% increase multiplies the original balance by

. So

, which is the balance after one year,

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