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lbvjy [14]
2 years ago
9

A collectible car has been going up in price by 10% each year. if the car is already worth $29,000, how much will the car be

Mathematics
1 answer:
sammy [17]2 years ago
3 0

The worth of the collectible car in five years if its value is going up by 10% every year would be $46,704.79

<h3>What is the worth of the car?</h3>

If the value of the  collectible car is increasing with time, it is said that the  collectible car is appreciating in value.

The formula for calculating future value with appreciation:

FV = P (1 + r)^n

  • FV = Future value
  • P = Present value
  • R = interest rate
  • N = number of years

$29,000(1.1^5) = $46,704.79

To learn more about future value, please check: brainly.com/question/18760477

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