The value of a collector’s item is expected to increase exponentially each year. The item is purchased for $500 and its value in
creases at a rate of 5% per year. Find the value of the item after 4 years.
$578.81
$607.75
$1687.50
$2531.25
1 answer:
Answer:
$607.75
Step-by-step explanation:
Exponential growth formula:
y = x(1 + r)^t
y = future value
x = present value
r = annual percent rate
t = time in years
y = 500(1 + 0.05)^4
y = 500(1.05)^4
y = 500(1.215506)
y = 607.75
Answer: $607.75
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