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OpenStudy (anonymous):
Lily purchases a ring for $990 that appreciates at a rate of 7% per year. What will the value of the ring be in 10 years?
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OpenStudy (tkhunny):
This is a single payment annual accumulation. You need to get VERY GOOD at these. Everything else is harder! \(990(1.07)^{10}\)
OpenStudy (anonymous):
Alright, thank you. I tend to struggle with turning the percents into multiplied decimals. How does appreciating at 7% mean multiply by 1.07? (I understand the exponent part)
OpenStudy (tkhunny):
7% = 0.07 = 7/100 1 + 7% = 1.07 = 107/100
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