SOLUTION: Bob has owned a cabinet for 9 years. It is now worth $700.00. The value has been increasing 7% each year. Find the value of the cabinet 9 years ago. Also how much will it be worth
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Question 144941: Bob has owned a cabinet for 9 years. It is now worth $700.00. The value has been increasing 7% each year. Find the value of the cabinet 9 years ago. Also how much will it be worth in 10 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Bob has owned a cabinet for 9 years. It is now worth $700.00. The value has been increasing 7% each year. Find the value of the cabinet 9 years ago. Also how much will it be worth in 10 years?
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Let value 9 years ago be "x"
[(1.07)^9] x = 700
x = 700/(1.07)^9 = $380.75
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Let value 10 years from not be "x"
(1.07)^10 * 700 = x
x = $1377.01
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Cheers,
Stan H.
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