SOLUTION: hey, could you please solve the following problem for me, thank you, A rate coin is bought at an antique auction in 1998 for $500. Each year, its value appreciates by 6% of its pu

Question 173748: hey, could you please solve the following problem for me, thank you,
A rate coin is bought at an antique auction in 1998 for $500. Each year, its value appreciates by 6% of its purchase price. Determine the coin's value in 2010.
remember we are using Geometric Sequences formula,
i will be waiting for the solution,
thank you agian

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A rate coin is bought at an antique auction in 1998 for $500. Each year, its value appreciates by 6% of its purchase price. Determine the coin's value in 2010.
--------
Year 0: 500
Year 1: 500 + 0.06*500 = (1.06)500
Year 2: [500 + 0.06*500][1.06] = 500(1.06)^2
...
Year 12: 500(1.06)^12 = $1006.10
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Cheers,
Stan H.
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