The stock for a given company has steadily increased from the beginning of 2006 to the end of 2007 by 5% per year, however, in 2008 the stocked increased by 10%. if the stock was purchased at $12.43 at the beginning of 2006, then what is the value of the stock at the end of 2008? round your answer to the nearest cent.

The value of the stock $15.07 at the end of 2008.

Step-by-step explanation:

The stock of a given company was purchased in the beginning of 2006 at $12.43.

From 2006 to 2007 stock increased by 5%

So value of stock in 2006 = 12.43 + 5% of 12.43

                                           = 12.43 + 0.6215 = $13.05

Value of stock in 2007     = 13.0515 + 5% of 13.0515

                                          = 13.0515 + 0.6525 = $13.70

In year 2008 stock increased by 10%.

so value of the stock in 2008 = 13.70 + 10% of 13.70

                                                =  13.70 + 1.37 = $15.07

The value of the stock $15.07 at the end of 2008.

233,100

step-by-step explanation:

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