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October 1, 2014

October 1, 2014

Posted by **Daniel** on Tuesday, April 2, 2013 at 12:04am.

This is worth 5 marks and need some help answering it clearly and precisely. I was gonna use supply/demand but i don't know if that would work.

-Dan

- math -
**Wayne**, Tuesday, April 2, 2013 at 4:35pmToday it costs $54 to fill tank. In one year (per cent increase problem):

(x - 54)/54 = .025, so x = $55.35

in the next year:

(x - $55.35)/$55.35 = .025, so x = $56.73

Do this 8 more times, and you will get your answer: $69.12

I used an Excel worksheet to generate the answer. Not sure if there's a formula to solve this or not.

- math -
**Wayne**, Tuesday, April 2, 2013 at 4:40pmThere is a formula, called the standard future value formula:

54 * (1 + .025)^10 = future value = $69.12

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