The owner of a collector car sold the car at a auction. The owner bought it in 1977 when it's value was $7500. The value of the
car increased at the rate of 5.5% per year. The auction took place in 2000. What is the approximate value of the car at the time of the auction.
1 answer:
Answer:
$25,695
Step-by-step explanation:
You can calculate the price of the car in 2000 using the formula to calculate the future value:
FV=PV(1+r)^n
FV= future value
PV= Present value: $7,500
i= rate: 5.5%
n= number of years: 2000-1977= 23
FV= 7,500*(1+0.055)^23
FV= 7,500*(1.055)^23
FV= 7,500*3.426
FV= 25,695
According to this, the approximate value of the car at the time of the auction is $25,695.
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