At the initial time of its purchase, an investment held by Dustin was worth $22,400, but starts to lose value at a rate of 4% per year. Determine the approximate value of the investment 11 years after purchase. Answer = $ (Round to the nearest whole dollar.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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At the initial time of its purchase, an investment held by Dustin was worth $22,400, but starts to lose value
at a rate of 4% per year. Determine the approximate value of the investment 11 years after purchase.
Answer = $
(Round to the nearest whole dollar.)
Transcribed Image Text:At the initial time of its purchase, an investment held by Dustin was worth $22,400, but starts to lose value at a rate of 4% per year. Determine the approximate value of the investment 11 years after purchase. Answer = $ (Round to the nearest whole dollar.)
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