Exam-Style Problem

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June 2006 p1 q3
936

Each year a company gives a grant to a charity. The amount given each year increases by 5% of its value in the preceding year. The grant in 2001 was $5000. Find

(i) the grant given in 2011,

(ii) the total amount of money given to the charity during the years 2001 to 2011 inclusive.

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