Question

The value of an antique art piece appreciates each year by 12% of its value at thw beginning of the year. If this art piece costs $22800 in january, what is its value at the end of 3 years? Correct your answer to the nearest 100 dollars.​

Answer 1

If this art piece costs $22800 in January and appreciates each year by 12%, then its value at the end of 3 years will be $32000.

Step-by-step explanation:

The cost of the art piece in January, P = $22800

The rate of appreciating of the value of an antique art piece, R = 12%

Time period, n = 3 years

Let the value of the art piece after 3 years be denoted as “A” .

The formula that will give us the value of the art piece after 3 years is,

A = P [1+$\frac{R}{100}$]ⁿ

Thus, by substituting the given values in the above formula, we get

The value of the antique art piece at the end of 3 years as,

= 22800 * [1 + $\frac{12}{100}$]³

= 22800 * [$\frac{28}{25}$]³

= $\frac{22800 * 28 * 28 * 28}{25 * 25 * 25}$

= $ 32032.3584

≈ $ 32000 ← corrected to the nearest 100 dollars

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Answer 2

Step-by-step explanation:

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