Question 173748
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. 
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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.