Question

Each year, a school allocates a sum of money for the library. The amount allocated each year increases by 2.5% of the amount allocated the previous year. In 2005, the school allocated $2000. Find the total amount allocated in the years 2005 to 2014 inclusive.

Answer 1

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