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A famous painting was purchased for $560,000 in the year 2021. The value has been increasing by $8,000 per year.

Sagot :

The price of a painting in the year 2022 will be $ 568,000.

What is inflation?

A rise in the amount of a certain product or service is known as inflation.

Given data;

Cost of painting in the year 2021, P₁ = $560,000

Cost of painting in the year 2022, P₂ =?

The amount increases every year,x = $8,000

The cost of painting in the year 2022 is found as;

P₂ = P₁ + x

P₂= $560,000 + $8,000

P₂ = $ 568,000

Hence the price of a painting in the year 2022 will be $ 568,000.

To learn more about inflation refer;

https://brainly.com/question/19263433

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