It is predicted that garden gnome value will go up by 2% each year, forming a geometric progression. Jean-Claude has a garden gn ome currently valued at £80,000. If the rate of inflation is correct:
1 answer:
Answer:
Step-by-step explanation:
a ) The worth of Jean-Claude's gnome after 1 year
= 80000 x 1.02
= £81600
b ) common ratio of geometric progression
= 81600 / 80000
= 1.02
c ) worth after 10 years
= 80000 x 1.02¹⁰
= 80000 x 1.21899
= £97519.55
d )
120000 = 80000 x
1.5 =
ln1.5 = k ln 1.02
k = ln 1.5 / ln 1.02
= .4054 / .0198
= 20.47 years .
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