Guide :High School

The value of an antique chair is expected to increase by 3% every year. If the chair was bought for $1,020 in 2001, find its expected value in the year

The value of an antique chair is expected to increase by 3% every year. If the chair was bought for $1,020 in 2001, find its expected value in the year 2015, rounded to the nearest dollar.
Hi thereThe formula isA=p (1+r)^tA future value?P present value 1020R rate of increases 0.03T time 2,015−2,001=14 yearsSoA=1,020×(1+0.03)^(14)A=1,542.8 round your answer to getA=1543Hope it helps ...

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