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In: Finance

A special purpose index has increased 105% during the last ten years. If the index is...

A special purpose index has increased 105% during the last ten years. If the index is now 349, what was the index ten years ago?

Round to the nearest integer. Please provide detailed information, so I will know how to do it next time.

Solutions

Expert Solution

let index 10 years ago = x

it is given index has increased 105%

so , x + 105%*x = 349

x + 1.05x = 349 (105% equivalent to 1.05)

2.05x = 349

x = 349 / 2.05

x = 170

index value 10 years ago = 170

jeff jeffy answered 3 years ago
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