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?

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.