Question

Elena's aunt bought her a $\mathrm{\$}150$ savings bond when she was born.

When Elena is $20$ years old, the bond will have earned $105\mathrm{\%}$ in interest.

How much will the bond be worth when Elena is $20$ years old?

Answer 1

Given the price of bond$\$150$:

The interest $105\mathrm{\%}$

Now the interest on price of bond

$$\begin{gathered} =105\%\times 150 \\ =\frac{105}{100}\times 150 \\ =157.50 \end{gathered}$$

The present price of bond $$\begin{gathered} =157.50+150 \\ =307.50 \end{gathered}$$.

Hence, The present price of the bond is$\$307.50$.