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Leroy received a stamp for his collection as a gift. When he received the stamp, it was worth 14.50. The value of the stamp increases by 2% each year. Write an equation for the value of the stamp V after t years.

Solution

Solution

Amount before addition : 14.21568 \dots

Solution steps

Translate the problem into an equation:

14.5 = x + 0.02 x

14.5 = x + 0.02 x : x = \frac{725}{51}

\frac{725}{51} = 14.21568 \dots

Amount before addition : 14.21568 \dots

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