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Alistair buys an antique chair for £600. It is expected to increase in value at the rate of 4.5% each year. How much is it expected to be worth in 3 years?

100% + 4.5% = 104.5% = 1.045 \£ 600 ⋅ 1.04 5 3 ≈ \£ 684.70 ← an s w er

Answered by Anonymous | 2024-06-24

Alistair's antique chair will be worth approximately £684.42 after 3 years, assuming a 4.5% annual increase in value. This is calculated using the compound interest formula. The principal amount of £600 is increased by the rate of 4.5% annually for 3 years.
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Answered by Anonymous | 2024-09-30