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10 March, 01:00

a. If the value of land in an area is increasing 10.5 percent a year, how long will it take for property values to double? (Round your answer to 1 decimal place.)

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  1. 10 March, 02:47
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    6.7 years

    Explanation:

    This question can be answered using Rule 70. It is a rule that it used to estimate how long it takes for an investment to double in value. In this case, the investment is land and the rate is 10.5%.

    Formula for rule 70;

    Time it takes for value to double = 70/rate

    Time it takes for value to double = 70/10.5

    Time = 6.6666

    To the nearest 1 decimal place, it would take 6.7 years
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