Amy invested \$223 in the bank and a year later has \$280.98. By what percent has the amount changed?

• A. 20%
• B. 26.0%
• C. 26.1%
• D. 26%

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the problem. Amy invested \$223 in the bank, and after a year, the amount grew to \$280.98. The task is to calculate the percentage change in the amount.
2. Step 2: Use the formula for percentage change: \( \text{Percentage Change} = \frac{\text{Final Amount} - \text{Initial Amount}}{\text{Initial Amount}} \times 100 \).
3. Step 3: Substitute the given values into the formula. The initial amount is \$223, and the final amount is \$280.98. The formula becomes \( \text{Percentage Change} = \frac{280.98 - 223}{223} \times 100 \).
4. Step 4: Simplify the numerator by subtracting the initial amount from the final amount: \( 280.98 - 223 \). Then divide the result by the initial amount \( 223 \).
5. Step 5: Multiply the result from Step 4 by 100 to express the change as a percentage.