SOLUTION: PLEASE HELP A diamond is purchased for $2300 on 1/1/2002. Its value increases 5% each year. Find the value of the diamond on 1/1/2009.

Question 1078518: PLEASE HELP
A diamond is purchased for $2300 on 1/1/2002. Its value increases 5% each year. Find the value of the diamond on 1/1/2009.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the purchase price
Let = the value of the diamond on 1/1/2009
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from 2002 to 2009 is years

On 1/1/2009, the diamond will be worth
$3,236.33
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Get a 2nd opinion if needed

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