At the end of every year, the value of a gold coin is 'c' percent more than that at the start of the year. If the value was 'k' dollars on January 1, 1992 and 'm' dollars on January 1, 1994, then in terms of 'm' and 'k', what was the value (in dollars) on January 1, 1995?
Explanation:
Value on January 1, 1992 = k
Value on January 1, 1993 = k(1 + c/100)
Value on January 1, 1994 = k(1 + c/100)(1 + c/100) = k(1 + c/100)2
As per the question,
⇒ m = k(1 + c/100)2
⇒ (1 + c/100) = (m/k)1/2
Value on January 1, 1995 = k(1 + c/100)3 = k(m/k)3/2 = (m√m/√k)
Hence, option (c).
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