In 2013 Traci joined a swim club. The fees were £600 per year in 2013. Each year the fees increase by 6%. Calculate, to nearest
£, the fees in 2016.
1 answer:
Answer:
715 pounds
Step-by-step explanation:
<em>FV = solve</em>
<em>PV = 600</em>
<em>I% = 6</em>
<em>K = 1, N = 3 </em>(2013 - 2016 = 3 years)
Plug it in:
<em>FV = 600 x [ 1 + (6/100 x 1)]³</em>
= 600 x ( 1 + 0.06)³
= 600 x (1.06)³
FV = 714.61, 715 to the nearest dollar.
<em>Therefore, the fee in 2016 is 715 pounds.</em>
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