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10 June, 17:03

The mendes family bought a new house 9 years ago for 108,000. The house is now worth 165,000 assuming a steady rate of growth, what was the yearly rate of appreciation round your answer to the nearest tenth of a percent (1.2% etc)

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  1. 10 June, 18:36
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    Initial price = $108,000

    Let r = rate of appreciation per year.

    After 9 years, the house is worth

    108000 * (1 + r) ⁹ = 165000

    Therefore

    (1 + r) ⁹ = 165000/108000 = 1.5278

    1 + r = 1.5278^ (1/9) = 1.0482

    r = 0.0482 = 4.82%

    Answer: 4.8% (nearest tenth)
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