every year the value of condominium in Singapore appreciates by 15 % of its value in the previous year . if a value of the condominium was $899 300 in 2012 , find its value in 2010 ( please give the whole solution )
Answers
Answer:
$ 680000.
Step-by-step explanation:
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}}
A=P[1+
100
R
]
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} ]^nValueafter2years=Currentvalue[1+
100
R
]
n
\implies 899300 = P [1 + \frac{15}{100} ]^2⟹899300=P[1+
100
15
]
2
\implies 899300 = P [\frac{115}{100} ]^2⟹899300=P[
100
115
]
2
\implies P = \frac{899300 \times 100 \times 100}{115 \times 115}⟹P=
115×115
899300×100×100
\implies P = \frac{8993000000}{13225}⟹P=
13225
8993000000
\implies \bold{P = 680000}⟹P=680000
Thus, the value of the condominium in Singapore in 2018 was →
$ 680000.