Algebra and Up:
Question: The value of painting increases by 2% each year. If the painting is worth $1,000.00 today, how much was it worth exactly 50 years ago?
Answer: $371.53
Solution: We can model the increasing value of the painting with the expression x × 1.0250, wherein x is the starting value of the painting, 1.02 represents the percent increase, and 50 is the elapsed time. We know that after the 50 years, the painting is worth $1,000, so $1,000 = x × 1.0250. To solve for x, we divide $1,000 ÷ 1.0250 = $371.53 (remember to round to the next cent).
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