Mike deposited $850 into the bank in july. from july to december, the amount of money he deposited into the bank increases by 25% per month. what's the total amount of money in his account after december? round your answer to the nearest penny.

$1062.5

Step-by-step explanation:

Since it is given that Money is increased by 25% from July to December.

Also, Mike deposit $850 in a bank account

Thus, He get money at the end of December = $850 × (100 + 25)%

⇒ Total Money = $850 × 125%

⇒ Total Money = $850 × 1.25

⇒ Total Money = $1062.5

step-by-step explanation:

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