Algebra and Up:
Question: A cottage by the sea has a value of $750,000, which has increased at an annual rate of 5% for the past 10 years. How much was the cottage worth 10 years ago? You may use your calculator.
Answer: $460,434.94
Solution: The value of the cottage is currently $750,000, and it was worth C dollars 10 years ago. If its value has increased 5% each year for the past 10 years, then we know that $750,000 = C × 1.0510. To solve for C, we divide $750,000 ÷ 1.0510 = $460,434.9402, which rounds to $460,434.94.
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