Answer:
$98.36
Explanation:
Given:
Original or initial amount(a) = $50
Rateof increase(r) in decimal = 7% = 7/100 = 0.07
Time(t) = 10 years
So we'll use the below exponential growth formula to determine the value of the gold 10 years later;
[tex]\begin{gathered} y=a(1+r)^t \\ y=50(1+0.07)^{10} \\ y=50(1.07)^{10} \\ y=98.36 \end{gathered}[/tex]So the piece of gold will be worth $98.36 10 years later.
