Exam-Style Question on Finance
A mathematics exam-style question with a worked solution that can be revealed gradually
Question id: 141. This question is similar to one that appeared on a GCSE Higher paper (specimen) for 2017. The use of a calculator is allowed.
The value of a new house, \(V\), is given by:$$V = 120000 × 1.1^t$$
where t is the age of the house in complete years and V is in pounds.
(a) Write down the value of V when t = 0.
(b) What is the value of V when t = 4?
(c) After how many complete years will the house’s value rise above £200 000?
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