The value of an antique chair is expected to increase by 3% every year. If the chair was bought for $1,020 in 2001, find its expected value in the year 2015, rounded to the nearest dollar.
Hi there The formula is A=p (1+r)^t A future value? P present value 1020 R rate of increases 0.03 T time 2,015−2,001=14 years So A=1,020×(1+0.03)^(14) A=1,542.8 round your answer to get A=1543
