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17. A baseball trading card is sold for $2, and its
value increases by 8% each year after it is sold.
Find the value of the baseball trading card in 10
years.

Sagot :

Answer:

$4.32

Step-by-step explanation:

8% can be represented as 1.08

2 x 1.08 = 2.16

2 x 1.08 x 1.08 = 2.33

2 x 1.08 x 1.08 x 1.08 = 2.52

etc. all the way up to 10

Clarch19idn

Answer:

$1,065.71

Step-by-step explanation:

use the compound interest formula:  A =  P(1 + r/n)^nt where:

P = principal, $2

r = interest rate, 8% = .08

t = term, in years;  10

n = # of times per year compounding occurs;  1

A = 2(1 + .08/10)^10(1)

A = 2(1 + .008)^10

A = 2(1.008)^10

A = 2.008^10

A = 1065.71

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