SOLUTION: You have an inherited diamond ring that had an appraised value of $2500 in 1970. The appraised value has increased by approximately 6% per year. What will be the value in 2010?

Algebra ->  Finance -> SOLUTION: You have an inherited diamond ring that had an appraised value of $2500 in 1970. The appraised value has increased by approximately 6% per year. What will be the value in 2010?      Log On


   

Question 1134520: You have an inherited diamond ring that had an appraised value of $2500 in 1970. The appraised value has increased by approximately 6% per year. What will be the value in 2010?
Answer by ikleyn(52803) About Me  (Show Source):
You can put this solution on YOUR website!
.

After 40 years (= 2010 - 1970) it is 

   
    2500%2A%281%2B+0.06%29%5E40 = 25714 dollars.

My congratulation !   It works as a good bank  ( and even better ! )


Diamond are forever ! !