Question

A business was valued at £17000 at the start of 2011. In 6 years, the value of this business was raised to £186000. This is equivalent to a yearly increase of x%.
Find the value of x. Give your answer correct to significant figures.
can someone help please lol

Answer 1

The business was valued at £17000 at the start of 2011. In 6 years, the value of this business was raised to £186000. This is equivalent to a yearly increase of 49.0%.

Given that, A=£17000, P=£186000, r=x%, t=6 years

What is compound interest?

Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.

We know that, $A=P(1+\frac{r}{100} )^{n}$

Wow, $186000=17000(1+\frac{x}{100} )^{6}$

⇒$10.94=(1+\frac{x}{100} )^{6}$

⇒$1.4891=1+\frac{x}{100}$

⇒$0.4891=\frac{x}{100}$

⇒x=48.91%~49.0%

Therefore, the value of x is 49.0%.

To learn more about compound interest visit:

brainly.com/question/13001287

#SPJ1