In 1996 the value of a 1957 Ford Mustang was appreciating at 10% per year. Al's father bought one back then for $4000 and he's

Question

In 1996 the value of a 1957 Ford Mustang was appreciating at 10% per year. Al's father bought one back then for $4000 and he's kept it in immaculate shape. Al is bragging that it must be worth at least $50,000 now. What do you think of Al's claim? If it continues to appreciate at 10% per year, when will the car be worth $50,000?

Kunduz · Accepted Answer

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