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An oil painting originally cost $5500 and increases in value at a rate of 4% per year . Find the value of the painting after 15 years

An oil painting originally cost $5500 and increases in value at a rate of 4% per year . Find the value of the painting after 15 years
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1 vote
An oil painting originally cost $5500 and increases in value at a rate of 4% per year . Find the value of the painting after 15 years

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User Erald Karakashi
by
7.8k points

1 Answer

5 votes
A=p (1+r)^t
A future value
P present value 5500
R rate 0.04
T time 15 years

A=5,500×(1+0.04)^(15)
A=9,905.19
answered
User Etherton
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7.5k points
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