Question

Every year, the value of a condonium in Singapore appreciates by 15% of its value of the condonium was $899300 in 2012, find it's value in 2010

Answer 1

To find the value of the condominium in 2010, multiply the initial value in 2012 by 0.85 (1 - 15%), which gives a value of $649,744.25.

Step-by-step explanation:

To find the value of the condominium in 2010, we need to calculate the depreciation over two years. Since the condominium appreciates by 15% every year, it also depreciates by the same percentage when going back in time. So, to find the value in 2010, we need to multiply the initial value in 2012 by 0.85 (1 - 15%).

Let's calculate:

1. Value in 2012: $899,300
2. Value in 2011: $899,300 * 0.85 = $764,405
3. Value in 2010: $764,405 * 0.85 = $649,744.25

Therefore, the value of the condominium in 2010 was $649,744.25.