Ask Question
27 September, 18:40

Suppose you inherited a house that was purchased in 1950 for 20,000. It is now 2015 and the value of the house has increased by approximately 5% each year what is the house worth now

+3
Answers (1)
  1. 27 September, 19:04
    0
    This deals with exponential growth.

    house value = 20,000 * (1.05) ^years

    (where years is # of years from 1950 - so 1950 = 0, 1951 = 1, etc)

    house value = 20,000 * (1.05) ^65

    house value = 20,000 * 23.8399005592

    house value = 476,798.01
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose you inherited a house that was purchased in 1950 for 20,000. It is now 2015 and the value of the house has increased by ...” in 📘 Mathematics 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