Question

the value of a famous painting is increasing at a rate of 6% per year and has a value of 800000 in the year of 2000. what is the value of te painting in 2017?

Answer 1

I'm not 100% sure but I think this is how you solve it:
1. 800,000 x 0.06 = 48,000
2. 48,000 x 17 = 816,000
3. 800,000 + 816,000 = 1,616,000
The painting is worth $1,616,000 in 2017.