Question

Rohan invested in a precious mineral. The value of the mineral tends to increase by about 9% per year. He invests $12,000 in 2018.

How much more will his investment be worth by 2025?



Enter your answer in the box.

Round to the nearest whole dollar.

$__

Answer 1

price in 2025=21934 dollar

Explanation:

increase in price=9% per year

price in 2018=12000 dollar

increase in amount between 2018 to 2019=
`(09)/(100)`×12000

increase in amount between 2018 to 2019=1080

price in 2019=12000+1080=13080

increase in amount between 2019 to 2020=
`(09)/(100)`×13080

increase in amount between 2019 to 2020=1177

price in 2020=13080+1147=14257

increase in amount between 2020 to 2021=
`(09)/(100)`×14257

increase in amount between 2020 to 2021=1283

price in 2021=12000+1080=15540

increase in amount between 2021 to 2022=
`(09)/(100)`×15540

increase in amount between 2021 to 2022=1399

price in 2022=15540+1399=16938

increase in amount between 2022 to 2023=
`(09)/(100)`×16938

increase in amount between 2022 to 2023=1524

price in 2023=16938+1524=18462

increase in amount between 2023 to 2024=
`(09)/(100)`×18462

increase in amount between 2023 to 2024=1661

price in 2024=18462+1661=16938=20123

increase in amount between 2024 to 2025=
`(09)/(100)`×20123

increase in amount between 2024 to 2025=1811

price in 2025=20123+1811=21934 dollar