Question

The value of πPhone stock has increased 9% each year for the past several years. In 2020, the stock was worth $75. What will the stock be worth in 7 years? What was the stock worth in 2016?

Answer 1

2027 = $122.25

2016 = $48

Explanation:

Find 1% of 75

75 / 100 = 0.75

multiply by 9

0.75 * 9 = 6.75

So that's $6.75 each year

Now, lets find our answers for 7 years.

6.75 * 7 = $47.25

75 + 47.25 = $122.25

The stock will be $122.25 in 2027

Now for 2016.

$6.75 * 4 = $27

$75 - $27 = $48

The stock was $48 in 2016