The value of Peter's house has risen 30% a year for the last 3 years. If the value of Peter's home 3 years ago was $120,000.00, what is the value now? A. $156,000.00 B. $228,000.00 C. $202,800.00 D. $263,640.00

Question

Mathematics

Quincy Mcdaniel

19 June, 08:22

The value of Peter's house has risen 30% a year for the last 3 years. If the value of Peter's home 3 years ago was $120,000.00, what is the value now? A. $156,000.00 B. $228,000.00 C. $202,800.00 D. $263,640.00

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Answers (1)

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Pedro Hurst · Answer 1

Step-by-step explanation:

The price has gone up by 30% each year so each year it is 130% compared to last year. that means a price rate of 1.3^n, with n as number of years gone by. In this case n=3 so 1.3^3=2.197. $120,000.00*2.197=$263,640.00, which is D