SOLUTION: a kazoo collection appreciates (goes up in value) 10%. Mike says that after 10 years, the value will double. how do you respond

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: a kazoo collection appreciates (goes up in value) 10%. Mike says that after 10 years, the value will double. how do you respond      Log On


   

Question 189574: a kazoo collection appreciates (goes up in value) 10%. Mike says that after 10 years, the value will double. how do you respond
Answer by user_dude2008(1862) About Me  (Show Source):
You can put this solution on YOUR website!
Equation: ... FV = future value, P=present value, r=rate, t=time


P -- original value ----> 2P - doubled value
r=10%=0.1
t=10








... equation is FALSE


Ans: original claim is FALSE... value actually doubles in ~7.27 yrs