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An old coin is sold for $2 and its value increases by 8% each year after it is sold. What is the value of the coin, in dollars, in 10 years

Respuesta :

  • Principal=P=$2
  • Rate of interest=8%=R
  • Time=T=10years

Interest be I

[tex]\\ \sf\Rrightarrow I=\dfrac{PRT}{100}[/tex]

[tex]\\ \sf\Rrightarrow I=\dfrac{2(8)(10)}{100}[/tex]

[tex]\\ \sf\Rrightarrow I=\dfrac{280}{100}[/tex]

[tex]\\ \sf\Rrightarrow I=2.8\$[/tex]

Now

Value of coin after 10years =2+2.8=4.8$

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