SAT Math: Numbers and Operations Drill 1, Problem 2. If the masterpiece will be worth $45,055 in five years, what is its worth now?
|Algebra||One-Variable Equations and Inequalities|
|Algebra and Functions||Word Problems|
|Basic Algebra||Basic Equations|
|Numbers and Operations||Counting Problems|
Ratios, Proportions, and Percents
|Passport to Advanced Math||Operations with rational expressions|
|Product Type||SAT Math|
|SAT Math||Numbers and Operations|
Here are your potential answers...
We want to find how much this work of art is worth today.
To do that, we need the help of an equation.
The equation basically reads:
New cost equals original cost times one plus rate of appreciation raised to the number of years.
Replace those words with our numbers and you get:
$45,055 = V times the quantity 1 + 0.15 to the fifth power.
For our purposes, V represents the original cost of the work.
Now that we have our equation, all we have to do is solve for V.
Divide both sides of the equation by 1.15 to the fifth...
...to get that V equals around 22,400.
(D) is the correct answer.