The initial value of the painting is the amount Theodore paid when he purchased it from the art dealer. According to the information provided, Theodore purchased the painting for $480. Therefore, the initial value of the painting is 480.
Theodore purchased a vintage painting from an art dealer worth $480. The dealer noted that the value of the painting will increase by 12 percent per year. What is the initial value of the painting?
0.12
12
1.12
480
1 answer
1 answer