Question

Billy owns a painting that is valued at $39,113. If the value of the artwork increases by 10%

every year, how much will it be worth in 11 years

URGENT

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$39113\\ r=rate\to 10\%\to (10)/(100)\dotfill &0.1\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{every year, thus once} \end{array}\dotfill &1\\ t=years\dotfill &11 \end{cases} \\\\\\ A=39113\left(1+(0.1)/(1)\right)^(1\cdot 11)\implies A=39113(1.1)^(11)\implies A\approx 111593.95`