172k views
1 vote
The value of a gold coin picturing the head of the Roman Emperor Vespasian is increasing at the rate of 5% per year. If the coin is worth $105 now, what will it be worth in 11 years?

User Alex Wulff
by
8.3k points

2 Answers

3 votes

Answer:

255.75

Explanation:

User Hermann Hans
by
8.8k points
2 votes

Answer:

$179.59

Explanation:

Step 1 Write the exponential growth function for this situation.

y = a(1 + r)t Write the formula.

= 105(1 + 0.05)t Substitute 105 for a and 0.05 for r.

= 105(1.05)t Simplify.

Step 2 Find the value in 11 years.

y = 105(1.05)t Write the formula.

= 105(1.05)11 Substitute 11 for t.

≈ 179.59 Use a calculator and round to the nearest hundredth.

User Falco Alexander
by
7.8k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories