ECOfriend asked:
An antique clock is purchased for $700. It is expected to increase in value by 10% annually. What is the closest estimated worth of the clock three years from now?
Please describe the formula used to answer this question.
An antique clock is purchased for $700. It is expected to increase in value by 10% annually. What is the closest estimated worth of the clock three years from now?
Please describe the formula used to answer this question.
A) $700
B) $770
C) $850
D) $910
E) $930
Miller’s Antiques Encyclopedia
Tags: Antique Clock, Estimation
3 users commented in " Estimation? "
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My answer is D – if it increases by 10% that means it gains $70/yr. 70 x 3 (years) is 210 + 700 = 910
Book-collecting as a hobby: In a series of letters to everyman
I’m pretty sure it is $910 dollars because to find 10% you just move the descimal one value to the left. So 10% would be $70.00. So for three years you would just multiply the $70.00 by 3 and get $210.00 and add that to the $700.00 you had from the start to get $910.00.
Book-collecting as a hobby: In a series of letters to everyman
If it is compunded 10% per year it will be $931.70 or say $930 (Round off).
If it is simple 10% per annum will be $910. at teh end of 3rd year.*
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