An art gallery owns a sculpture that is valued at 34,055. The gallery owner estimates that its value will increase by 6% every year. If the owner is correct, then how much will it be worth in 15 years?

Solution

An art gallery owns a sculpture that is valued at 34, 055. The gallery owner estimates that its value will increase by 6% every year. If the owner is correct, then how much will it be worth in 15 years?

Solution

Principal : 17923.68

Solution steps

Translate the problem into an equation:

34055 = P (1 + 0.06 \cdot 15)

Solve for

P, 34055 = P (1 + 0.06 \cdot 15) : P = 17923.68

Principal : 17923.68

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