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Aleksandr
4 days ago
10

The value of an antique chair is expected to increase by 3% every year. If the chair was bought for $1,020 in 2001, find its exp

ected value in the year 2015, rounded to the nearest dollar.
Mathematics
1 answer:
Zina [9.1K]4 days ago
8 0
Greetings
The equation is
A = p (1 + r)^t
What is the future value?
P is the present value 1020
R is the rate of increase 0.03
T is the duration 2015−2001=14 years
So
A = 1,020 × (1 + 0.03)^(14)
A = 1,542.8 rounding it gives
A = 1543

Hope this information is helpful
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