a married couple, purchased their home in December 1989 for $89,000. The house was appraised in January 2008 for $325,000. What was the annual rate of appreciation on the home during this period?

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a married couple, purchased their home in December 1989 for $89,000. The house was appraised in January 2008 for $325,000. What was the annual rate of appreciation on the home during this period?

Mathematics
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compounded yearly eh...
325 = 89(1+r)^t right?
3.652 = (1+r)^18 if im doing it right :)

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Other answers:

ok how do you get the r in the bracket...this is where I am confused
the r = rate of appreciation correct? if we take the initial value, and apply the "interest" to it we get: 89 + 89(rate); which factors to: 89(1+ rate) the rate is compunded every year for a total of 18 years. 89(1+rate)^18 = 325
Is the t = 19?
yes the t=19
log(3.652) = log[(1+r)^18] log(3.652) = 18 log(1+r) 3.652^(1/18) = 1+r 3.652^(1/18) -1 = r
dec 89 is basically jan 90
8+10 = 2008
I get about 7.5%
ok... well the answers that I have to choose from are: 6.69% 6.26% 6.87% 7.05%
im close then ;)
work it backwards to see what fits, thats what I do with multiple choices
If you use 19 then you get 7.05%
lol...yes...but I am trying to find out how to come up with that on a BAII Plus calculator. And log is not on this one
89(1.0705)^18 use the calculator on the computer.... programs, accessories, calculator usually
ok....we are only allowed to use our calculators in this exam, so I have to figure out how to do it on this one. Stupid Business Math! LOL
324.7407 if you use ^19 ;)
without a log button...you got exponent button?
yes
can you key in a random exponent? like 1/19?
[325/89]^(1/19) -1
0.070544965363919914409636326010341
I use the button on the calculator that has a radical sign with the x above the radical sign and a y under the radical sign Type in 3.652 then that sign and then 19 =
1/19 not 19 :) way different value for that lol
ohh....radical sign, gotcha
wow...mind spinning....lol
the answers 7.05 ;) dont lose sight of that one lol
yes....thanks for coming up with the appropriate answer...but I am trying to find out how to punch in this formula. I am a math idiot.... wish I wasn't
OMG......figured it out....yipee. Sooooo love you guys!!!
take a pic of the calculator and post it :)
or not lol :)
yay!!! youre welcome :)
ok....will do
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wish I knew how to use this dang thing....or that I knew how to do math
your math might be fine, that calculator looks mean tho lol
it is....we are all used to a regular scientific one. So we don't know how to use all the buttons that would probably make it much simpiler
heres my other one ;)
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it didnt post..... how odd
try it again
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NOW THAT'S MY KIND OF CALCULATOR! Bahahahaha
:) LOL
well you ARE now my Superhero!! Thanks so much. And I will definitely be back, I assure you! LOL
have a great time ;)

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