SOLUTION: You acquired an antique dresser that was appraised in 1970 at $2,000.00. It is now 1998, and the appraised value of the dresser has increased by 5% each year. What is the current v

Question 274833: You acquired an antique dresser that was appraised in 1970 at $2,000.00. It is now 1998, and the appraised value of the dresser has increased by 5% each year. What is the current value of the dresser?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
You acquired an antique dresser that was appraised in 1970 at $2,000.00.
It is now 1998, and the appraised value of the dresser has increased by 5% each year. What is the current value of the dresser?
:
Let A = present value of the it
:
We want to know the price after 28 yrs, t=28
:
A = 2000*1.05^28
enter this into a good calc
A = $7,840.26 after 28 yrs

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