A fun club donates to children's home annually.the amount given is increased by 8 8 percent of it's value…

Question

A fun club donates to children's home annually.the amount given is increased by 8 8 percent of it's value yearly.if the donation in 2010 was $700000 find the donation given in 2012

ScanSolve AI Tutor · Accepted Answer

Here's how to find the donation in 2012:

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
Use the formula for compound growth.
The formula for the amount after n years with a percentage increase is:
A = P(1 + r)ⁿ
Substitute the values into the formula.
A = $700,000 × (1 + 0.08)² A = $700,000 × (1.08)²
Calculate the value of (1.08)².
(1.08)² = 1.08 × 1.08 = 1.1664
Multiply the initial donation by the growth factor.
A = $700,000 × 1.1664 A = $816,480

The donation given in 2012 was $816,480.

A fun club donates to children's home annually.the amount given is increased by 8 8 percent of it's value yearly.if the donation in 2010 was $700000 find the donation given in 2012

Step-by-step solution

Identify the given values.

Use the formula for compound growth.

Substitute the values into the formula.

Calculate the value of (1.08)².

Multiply the initial donation by the growth factor.

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