The value of a jewel in 2015 was $17500. The jewel was purchased in 2008, and its value appreciated 2.5%

Mathematics

1 answer:

ArbitrLikvidat [17]3 years ago

5 0

Answer:

$14722.14

Step-by-step explanation:

We are given that

In 2015

The value of jewel=$17500

Rate of appreciation, r=2.5%

We have to find the initial value of the jewel when it was first bought.

Time, n=7 years

Final value= $Initial\;value (r/100+1)^n$

Using the formula

$17500=Initial\;value(2.5/100+1)^7$

$17500=Initial\;value(1.025)^7$

$Initial\;value=\frac{17500}{(1.025)^7}$

Initial value=$14722.14

Hence, the the initial value of the jewel when it was first bought=$14722.14

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