Question

A baseball card bought for $75 increases in value by 3% per year. what is the value of the card after 15 years

Answer 1

If the value of the baseball card increases by 3% per year then we can say that each year the value of the card may be multiplied by 103% = 1.03, thus:

Value after n years = original price*(1.03)^n
Value after 15 years = 75*(1.03)^15
= $116.85