2 years ago

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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