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Math Help - calculating interest rates and future values

  1. #1
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    calculating interest rates and future values

    In 1895, the winner of a competition was paid $110. In 2006, the winner's prize was $70,000. This is a percent increase in the winner's prize over this period. If the winner's prize increases at the same rate, it will be $ in 2040.
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  2. #2
    MHF Contributor
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    The wording is not real clear.

    Follow the trail...

    Defnition: r = Level Annual Percentage Increase

    2006 - 1895 = 111

    110*(1+r)^111 = 70000

    Now what?
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