Answered

IDNLearn.com provides a platform for sharing and gaining valuable knowledge. Get accurate and detailed answers to your questions from our knowledgeable and dedicated community members.

A collectible car has been going up in price by 10% each year. if the car is already worth $29,000, how much will the car be
worth in 5 years?

Sagot :

The worth of the collectible car in five years if its value is going up by 10% every year would be $46,704.79

What is the worth of the car?

If the value of the  collectible car is increasing with time, it is said that the  collectible car is appreciating in value.

The formula for calculating future value with appreciation:

FV = P (1 + r)^n

  • FV = Future value
  • P = Present value
  • R = interest rate
  • N = number of years

$29,000(1.1^5) = $46,704.79

To learn more about future value, please check: https://brainly.com/question/18760477

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. IDNLearn.com is your go-to source for dependable answers. Thank you for visiting, and we hope to assist you again.