SOLUTION: 5. The tax revenue that a small city receives increases by 3.5% per year. In 1990, the city received $250,000 in tax revenue. Determine the tax revenue in a.1995 b.1998 c.2000

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: 5. The tax revenue that a small city receives increases by 3.5% per year. In 1990, the city received $250,000 in tax revenue. Determine the tax revenue in a.1995 b.1998 c.2000       Log On


   

Question 997894: 5. The tax revenue that a small city receives increases by 3.5% per year. In 1990, the city received $250,000 in tax revenue. Determine the tax revenue in a.1995
b.1998
c.2000
d.2006

Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
P=Po{1+.035}^5
the brackets=1.187
Without rounding, multiply by 250,000
$296,921.58 in 1995
1.035^8*250,000=$329,202,26
1.035^10*250,000=$352,649.69
1.035^16*250,000=$433,496.51