You bought a baseball card for $5. It appreciates 5% every year. How much will the card be worth after 38 years?
1 answer:
Answer:
$ 31.925
Step-by-step explanation:
Final Value = a (1+r)^n
a = initial amount, r = appreciation rate, n = no. of time periods
a = 5 , r = 5% = 0.05 , n = 38
5 (1+0.05)^38
5 (1.05)^38
5 (6.385)
= 31.925
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