Beckett purchased a diamond ring in 2012 for $12,000. If the value of the ring increases by 3.2% each year, what will the ring be worth in 2040?

 
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2 Answers

Time T, = 28 years

Initial Price, P = 12000

rate, R = 3.2

Formula used, Final Price = P*(1+r/100)^t

Final price = 12000 *(1+3.2/100)^28 = $28987.6340637

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