Question

The value of a professional basketball player's autograph rose 20% in the last year. It is now worth $336.00. What was it worth a year ago?

A. $280.00
B. $300.00
C. $260.00
D. $290.00

Answer 1

The value of basketball player's autograph a year ago is $280

Explanation:

Given as :

The present value of autograph = $ 336.00

The rate of increase of autograph = 20%

The time period = 1 year

Let The value one year ago = $ x

So ,

The value of autograph after n year = The present value ×
`(1+(Rate)/(100))^(n)`

Or, $ 336.00 = $ x ×
`(1+(20)/(100))^(1)`

Or, $ 336.00 = $x × 1.2

∴ x =
`(336.00)/(1.2)` = $280

Hence The value of basketball player's autograph a year ago is $280 Answer