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Answer:
$119520
Step-by-step explanation:
Given: Purchase price of Diamond ring= $12000
Value of ring increase by 32% each year.
First finding number of year between 2012 and 2040, to know the time period of value appreciation.
Time period=
∴ Time period of value appreciation is 28 years.
Now, finding the value of diamond ring increased after 28 years.
Value of ring increased after 28 years=
∴ Increased value of diamond ring after 28 years= $107520
Next, Value of diamond ring after 28 years=
Hence, value of diamond ring in 2040 is $119520