Ask Question
22 August, 15:57

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. 22 August, 18:23
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers