The price of land grows by 10% every year.
If the price in 1995 was ₹10,000 find its
price in 1998.
Answers
Given:
The price of land grows by 10% every year.
If the price in 1995 was ₹ 10,000
To find:
Its price in 1998
Solution:
The price of the land in 1995 = ₹ 10000
The rate of increase in the price of the land every year = 10%
No. of years = 1998 - 1995 = 3 years
We know the formula for the increase in the price of an asset is as follows:
where
"A" → the price after n years
"P" → the current price
"R" → the rate of increase
"n" → the no. of years
Now, by substituting the values in the above formula, we get
Thus, the price of the land in 1998 is → ₹ 13310.
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Answer:
Given:
The price of land grows by 10% every year.
If the price in 1995 was ₹ 10,000
To find:
Its price in 1998
Solution:
The price of the land in 1995 = ₹ 10000
The rate of increase in the price of the land every year = 10%
No. of years = 1998 - 1995 = 3 years
We know the formula for the increase in the price of an asset is as follows:
\boxed{\bold{A = P [1+ \frac{R}{100} ]^n}}
A=P[1+
100
R
]
n
where
"A" → the price after n years
"P" → the current price
"R" → the rate of increase
"n" → the no. of years
Now, by substituting the values in the above formula, we get
Price\:after \:3 \:years = 10000 [1 + \frac{10}{100} ]^3Priceafter3years=10000[1+
100
10
]
3
\implies Price\:after \:3 \:years = 10000 [\frac{110}{100} } ]^3
\implies Price \:after \:3\:years = 10000\times \frac{110}{100}\times \frac{110}{100}\times \frac{110}{100}⟹Priceafter3years=10000×
100
110
×
100
110
×
100
110
\implies Price\:after\:3\:years = 110 \times 11\times 11⟹Priceafter3years=110×11×11
\implies Price \:after\: 3 \:years = 13310⟹Priceafter3years=13310
Thus, the price of the land in 1998 is → ₹ 13310.
Step-by-step explanation:
Given:
The price of land grows by 10% every year.
If the price in 1995 was ₹ 10,000
To find:
Its price in 1998
Solution:
The price of the land in 1995 = ₹ 10000
The rate of increase in the price of the land every year = 10%
No. of years = 1998 - 1995 = 3 years
We know the formula for the increase in the price of an asset is as follows:
\boxed{\bold{A = P [1+ \frac{R}{100} ]^n}}
A=P[1+
100
R
]
n
where
"A" → the price after n years
"P" → the current price
"R" → the rate of increase
"n" → the no. of years
Now, by substituting the values in the above formula, we get
Price\:after \:3 \:years = 10000 [1 + \frac{10}{100} ]^3Priceafter3years=10000[1+
100
10
]
3
\implies Price\:after \:3 \:years = 10000 [\frac{110}{100} } ]^3
\implies Price \:after \:3\:years = 10000\times \frac{110}{100}\times \frac{110}{100}\times \frac{110}{100}⟹Priceafter3years=10000×
100
110
×
100
110
×
100
110
\implies Price\:after\:3\:years = 110 \times 11\times 11⟹Priceafter3years=110×11×11
\implies Price \:after\: 3 \:years = 13310⟹Priceafter3years=13310
Thus, the price of the land in 1998 is → ₹ 13310.