Mrs Gibson had been thinking of buying a diamond necklace. She first tried buying it 12 years ago but thought it was too expensive. The same necklace is now worth $6,300. If the value of the necklace has increased at an annual rate of 9%, how much was it selling for when she first tried to buy it? (Round your answer to 2 decimal places.)

Mrs Gibson had been thinking of buying a diamond necklace. She first tried buying it 12 years ago but thought it was too expensive. The same necklace is now worth $6,300. If the value of the necklace has increased at an annual rate of 9%, how much was it selling for when she first tried to buy it? (Round your answer to 2 decimal places.)

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.4: Geometric Sequences And Series

Problem 7SC

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