A famous painting was purchased for $560,000 in the year 2021. The value has been increasing by $8,000 per year.
1 answer:
The price of a painting in the year 2022 will be $ 568,000.
<h3>What is inflation?</h3>A rise in the amount of a certain product or service is known as inflation.
Given data;
Cost of painting in the year 2021, P₁ = $560,000
Cost of painting in the year 2022, P₂ =?
The amount increases every year,x = $8,000
The cost of painting in the year 2022 is found as;
P₂ = P₁ + x
P₂= $560,000 + $8,000
P₂ = $ 568,000
Hence the price of a painting in the year 2022 will be $ 568,000.
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