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A collectible car has been going up in price by 10% each year. if the car is already worth $29,000, how much will the car be
worth in 5 years?

Answer :

The worth of the collectible car in five years if its value is going up by 10% every year would be $46,704.79

What is the worth of the car?

If the value of the  collectible car is increasing with time, it is said that the  collectible car is appreciating in value.

The formula for calculating future value with appreciation:

FV = P (1 + r)^n

  • FV = Future value
  • P = Present value
  • R = interest rate
  • N = number of years

$29,000(1.1^5) = $46,704.79

To learn more about future value, please check: https://brainly.com/question/18760477

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