Answered

IDNLearn.com: Your go-to resource for finding expert answers. Our platform offers reliable and detailed answers, ensuring you have the information you need.

When a famous artist was just beginning her career, she sold a painting for $250. Her artwork has been increasing in value by 15% every year as her popularity has grown. If this rate continues, how much will the painting be worth in 10 years? Round your answer to the hundredths place if needed.

A: $1,011.39

B: $1,442.00

C: $117,397.08

D: $2,875.00

Sagot :

Abidemiokinidn

Answer:

$1,011.39

Step-by-step explanation:

Using the exponential function;

A = P(1+r)^n

A = 250(1+0.15)^10

A = 250(1.15)^10

A = 250(4.0456)

A = 1,011.39

Hence the amount after 10 years is $1,011.39

We appreciate your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for choosing IDNLearn.com. We’re here to provide reliable answers, so please visit us again for more solutions.