Answer:
Step-by-step explanation:
a ) The worth of Jean-Claude's gnome after 1 year
= 80000 x 1.02
= £81600
b ) common ratio of geometric progression
= 81600 / 80000
= 1.02
c ) worth after 10 years
= 80000 x 1.02¹⁰
= 80000 x 1.21899
= £97519.55
d )
120000 = 80000 x [tex]1.02^k[/tex]
1.5 = [tex]1.02^k[/tex]
ln1.5 = k ln 1.02
k = ln 1.5 / ln 1.02
= .4054 / .0198
= 20.47 years .
