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24 June, 08:51

Cassandra bought an antique dresser for $500. If the value of her

dresser increases 6% annually, what will be the value of Cassandra's dresser at the end of 3 years to the nearest dollar?

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  1. 24 June, 10:50
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    A=P (1+i) ^n

    A=500 (1+0.06) ^3

    A=500 (1.06) ^3 A=500 (1.19)

    A=595

    A stands for the value of Cassandra's dresser at the end of 3 years rounded to the nearest dollar. P is the original price. 1+i refers to interest, and the exponent 3 refers to three years. The correct answer is $595.
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