Ask Question
23 October, 00:25

Some time ago, tracie purchased 11 acres of land costing $77,900. today, that land is valued at $54,800. how long has she owned this land if the price of the land has been decreasing by 3.5 percent per year?

+1
Answers (1)
  1. 23 October, 01:45
    0
    Amount of land = 11 acres

    Purchase price of land = $77,900

    Land is now valued at = $54,800

    Land decreasing = 3.5%

    To solve for time she's owned the land:

    Current value = (purchase price) [1 + (land decreasing) ]t

    $54,800 = ($77,900) x [1 + (-.035) ]t

    T = 9.87 years

    Tracie is coming up on her 10th year of owning the land.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Some time ago, tracie purchased 11 acres of land costing $77,900. today, that land is valued at $54,800. how long has she owned this land ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers