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27 April, 08:51

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?

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  1. 27 April, 11:24
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    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.
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