Each year, a school allocates a sum of money for the library. The amount allocated each year increases by 2.5% of the amount all
ocated the previous year. In 2005, the school allocated $2000. Find the total amount allocated in the years 2005 to 2014 inclusive.
1 answer:
Answer:
$66,505.8
Step-by-step explanation:
2005: $2,000
2006: $2,000*(1,25%)= $2,500
2007: $2,500*(1,25%)= $3,125
2008: $3,125*(1,25%)= $3,906.3
2009: $3,906.3*(1,25%)= $4,882.8
...
You can do this process in an excel table (attached to this answer) and you will find the total amount that the school allocates each year to the library until year 2014. Then you use the excel formula "SUM" to sum all the values found each year. You will find that the total amount allocated to the library between 2005 and 2014 is $66,505.8
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