SOLUTION: A recently released collectible quarter, worth 25 cents now, is expected to increase in value by 8% per year. How much is the coin expected to be worth in 109 years?
Algebra.Com
Question 978768: A recently released collectible quarter, worth 25 cents now, is expected to increase in value by 8% per year. How much is the coin expected to be worth in 109 years?
Found 3 solutions by Theo, Alan3354, josmiceli:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
.25 * 1.08^109 = 1099.333232
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A recently released collectible quarter, worth 25 cents now, is expected to increase in value by 8% per year. How much is the coin expected to be worth in 109 years?
--------------
FV = 25*1.08^109
= 109933 cents
= $1099.33
================
There's a good chance you'll lose it in 109 years, tho.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
For now, let = the starting value of the coin
After 1 year:
Value =
After 2 years:
Value =
Value =
Value =
After 3 years:
Value =
After 109 years:
Value =
Take the log of both sides
The coin will be worth $1,099.36 in 109 years
check:
Value =
Value =
Value =
Value =
OK
RELATED QUESTIONS
-Tessa has an antique plate valued at $75. It is expected to increase in value 8% per... (answered by ankor@dixie-net.com)
Michelle has just been given stock worth $110 that is expected to increase in value by 7% (answered by advanced_Learner)
Ricardo has just been given stock worth $520 that is expected to increase in value by 10% (answered by Boreal,MathTherapy,josgarithmetic)
You are given the dollar value of a product in 2016 and the rate at which the value of... (answered by josgarithmetic)
You are given the dollar value of a product in 2016 and the rate at which the value of... (answered by josgarithmetic)
If a piece of real estate purchased for $75,000 in 1998 apppreciates at the rate of 6%... (answered by Nate)
A father is planning a savings program to put his daughter through college.
His daughter (answered by Theo)
It has been projected by UNDP that the population of Wakanda will increase by 0.8%
for... (answered by Theo)
The formula S=C(1+r)^t models inflation, where C=the value today, r= the annual inflation (answered by ikleyn)