Question 752517: The Booster Club raised $30,000 for a sports fund. No more money will be placed into the fund. Each year the fund will decrease by 5%. Determine the amount of money, to the nearest cent, that will be left in the sports fund after 4 years.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The Booster Club raised $30,000 for a sports fund. No more money will be placed into the fund. Each year the fund will decrease by 5%. Determine the amount of money, to the nearest cent, that will be left in the sports fund after 4 years.
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Start: 30,000
after one year: 30000*0.95
after one more: 30000*(0.95)*0.95
after one more: 30,000*(0.95)^3
after 4 yrs:::: 30,000(0.95)^4 = $24,435.19
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Cheers,
Stan H.
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