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9709 P12 - Nov 2011 - Q10
924

A college agrees a sponsorship deal in which grants will be received each year for sports equipment. This grant will be $4000 in 2012 and will increase by 5% each year. Calculate

(i) the value of the grant in 2022,

(ii) the total amount the college will receive in the years 2012 to 2022 inclusive.

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