I need help with the following story problem:the tax revenue that a small city recieves increases by 3.5% per year. In 1990, the city recieved 250,000 in tax revenue. what will the tax revenue be...

I need help with the following story problem:

the tax revenue that a small city recieves increases by 3.5% per year. In 1990, the city recieved 250,000 in tax revenue. what will the tax revenue be in 1995, 1998, 2000, 2006

Asked on by lynnnnnn18

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cburr's profile pic

cburr | Middle School Teacher | (Level 2) Associate Educator

Posted on

I view this problem differently.  It seems to me that each year the 3.5% increase will be applied to whatever the revenue was in the previous year.

So, 1990 = $250,000 revenue

1991 = 250,000 x 1.035 = 258,750

1992 = 258,750 x 1.035 = 267,806

1993 = 267,806 x 1.035 = 277,179

1994 = 277,179 x 1.035 = 286,880

1995 = 286,880 x 1.035 = 296,920

1996 = 296,920 x 1.035 = 307,312

1997 = 307,312 x 1.035 = 318,068

1998 = 318,068 x 1.035 = 329,200

etc.

You can figure out the rest!! :-D

 

raely101's profile pic

raely101 | Student, Grade 10 | eNotes Newbie

Posted on

1995: 293,750

1998: 320,000

2000: 337,500

2006: 390,000

Take the amount of money and multiply by the increase and then multiply by the number of years. Add the original amount of money to the answer to get the total amount of money for that year.

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