This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Here's how to find the donation in 2012: Step 1: Identify the given values. The initial donation in 2010 (P) = 700,000 The annual increase rate (r) = 8% = 0.08 The number of years (n) from 2010 to 2012 = 2012 - 2010 = 2 years Step 2: Use the formula for compound growth. The formula for the amount after n years with a percentage increase is: A = P(1 + r)ⁿ Step 3: Substitute the values into the formula. A = 700,000 × (1 + 0.08)² A = 700,000 × (1.08)² Step 4: Calculate the value of (1.08)². (1.08)² = 1.08 × 1.08 = 1.1664 Step 5: Multiply the initial donation by the growth factor. A = 700,000 × 1.1664 A = 816,480 The donation given in 2012 was 816,480. Send me the next one 📸