Question

Naomi buys an antique dresser for $1200. Each year, it appreciates (increases in value) by 3.5%. Write an equation to determine its value V(n) after n number of years

Answer 1

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Answer:

V(n) = 1200·1.035^n

Explanation:

The value multiplies by 1+3.5% = 1.035 each year. After n years, that growth factor has been applied n times, so the value is ...

V(n) = 1200·1.035^n