Question

The value of a piece of fine jewelry is $280 and decreases at a rate of 3% yearly for 7 years.

Answer 1

$226.24

Explanation:

Use the Formula Amount x (percentage mult)^time

the percentage multiplier = 1 ± the decimal version of the percentage.

so it would be 1 - 0.03 because it is decreasing. which equals 0.97.

$280 x (0.97)^7.

This equals $226.2351965387 but to 2dp it would be $226.24 because it is money.