Question

Billy owns a painting that is valued at $39,113. If the value of the artwork increases by 10%

Answer 1

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\ 39113\\ r=rate\to 10\%\to \frac{10}{100}\dotfill &0.1\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{every year, thus once} \end{array}\dotfill &1\\ t=years\dotfill &11 \end{cases} \\\\\\ A=39113\left(1+\frac{0.1}{1}\right)^{1\cdot 11}\implies A=39113(1.1)^{11}\implies A\approx 111593.95$