Question

17. Alexis has a painting presently valued at $2000. An art dealer told her the painting would

appreciate at a rate of 8% each year. In how many years will the painting be worth $5000?
Round your answer to the nearest tenth.
Show work please

Answer 1

18.8 years

Explanation:

8% of $2000 = $160

To be worth $5000, the painting need to rise by $3000
And every year it rise by $160, so it will need 3000 : 160 = 18.75 (round to 18.8) years.