Question

every year , the value of a condominium in singapore appreciates by 15 % of its value in the previous year. if the value of the condominium was $899 300 in 2020 , find its value in 2018

Answer 1

Given:

Every year, the value of a condominium in Singapore appreciates by 15% of its value in the previous year

If the value of the condominium was $899300 in 2020

To find:

Its value in 2020

Solution:

The value of the condominium in Singapore in 2020 = $ 899300

The rate of appreciation in the value of condominium every year = 15%

No. of years = 2020 - 2018 = 2 years

We know the formula for the appreciation is as follows:

$\boxed{\bold{A = P [1 + \frac{R}{100} ]^n}}$  

where

"A" → the value after n years

"P" → the current value

"R" → the rate of appreciation

"n" → the no. of years

Now, by substituting the values in the above formula, we get

$Value\:after \:2 years = Current\:value [1 + \frac{R}{100} ]^n$

$\implies 899300 = P [1 + \frac{15}{100} ]^2$

$\implies 899300 = P [\frac{115}{100} ]^2$

$\implies P = \frac{899300 \times 100 \times 100}{115 \times 115}$

$\implies P = \frac{8993000000}{13225}$

$\implies \bold{P = 680000}$

   

Thus, the value of the condominium in Singapore in 2018 was →

$ 680000.

---------------------------------------------------------------------------------------

Also View:

the piece of land increase by 9% every year if the present price is Rupees 1188 1 what was its price 2 years ago?

https://brainly.in/question/2835858

Subba Rao started work in 1995 at an annual salary of Rs 5000 and received an increment of Rs 200 each year. In which year did his income reach Rs 7000?

https://brainly.in/question/1345107