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anonymous

  • 5 years ago

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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  1. amistre64
    • 5 years ago
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    compounded yearly eh...

  2. amistre64
    • 5 years ago
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    325 = 89(1+r)^t right?

  3. amistre64
    • 5 years ago
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    3.652 = (1+r)^18 if im doing it right :)

  4. anonymous
    • 5 years ago
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    ok how do you get the r in the bracket...this is where I am confused

  5. amistre64
    • 5 years ago
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    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

  6. anonymous
    • 5 years ago
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    Is the t = 19?

  7. anonymous
    • 5 years ago
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    yes the t=19

  8. amistre64
    • 5 years ago
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    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

  9. amistre64
    • 5 years ago
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    dec 89 is basically jan 90

  10. amistre64
    • 5 years ago
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    8+10 = 2008

  11. amistre64
    • 5 years ago
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    I get about 7.5%

  12. anonymous
    • 5 years ago
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    ok... well the answers that I have to choose from are: 6.69% 6.26% 6.87% 7.05%

  13. amistre64
    • 5 years ago
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    im close then ;)

  14. amistre64
    • 5 years ago
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    work it backwards to see what fits, thats what I do with multiple choices

  15. anonymous
    • 5 years ago
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    If you use 19 then you get 7.05%

  16. anonymous
    • 5 years ago
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    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

  17. amistre64
    • 5 years ago
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    89(1.0705)^18 use the calculator on the computer.... programs, accessories, calculator usually

  18. anonymous
    • 5 years ago
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    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

  19. amistre64
    • 5 years ago
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    324.7407 if you use ^19 ;)

  20. amistre64
    • 5 years ago
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    without a log button...you got exponent button?

  21. anonymous
    • 5 years ago
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    yes

  22. amistre64
    • 5 years ago
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    can you key in a random exponent? like 1/19?

  23. amistre64
    • 5 years ago
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    [325/89]^(1/19) -1

  24. amistre64
    • 5 years ago
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    0.070544965363919914409636326010341

  25. anonymous
    • 5 years ago
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    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 =

  26. amistre64
    • 5 years ago
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    1/19 not 19 :) way different value for that lol

  27. amistre64
    • 5 years ago
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    ohh....radical sign, gotcha

  28. anonymous
    • 5 years ago
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    wow...mind spinning....lol

  29. amistre64
    • 5 years ago
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    the answers 7.05 ;) dont lose sight of that one lol

  30. anonymous
    • 5 years ago
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    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

  31. anonymous
    • 5 years ago
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    OMG......figured it out....yipee. Sooooo love you guys!!!

  32. amistre64
    • 5 years ago
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    take a pic of the calculator and post it :)

  33. amistre64
    • 5 years ago
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    or not lol :)

  34. amistre64
    • 5 years ago
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    yay!!! youre welcome :)

  35. anonymous
    • 5 years ago
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    ok....will do

  36. anonymous
    • 5 years ago
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  37. amistre64
    • 5 years ago
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  38. anonymous
    • 5 years ago
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    wish I knew how to use this dang thing....or that I knew how to do math

  39. amistre64
    • 5 years ago
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    your math might be fine, that calculator looks mean tho lol

  40. anonymous
    • 5 years ago
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    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

  41. amistre64
    • 5 years ago
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    heres my other one ;)

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  42. amistre64
    • 5 years ago
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    it didnt post..... how odd

  43. amistre64
    • 5 years ago
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    try it again

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  44. anonymous
    • 5 years ago
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    NOW THAT'S MY KIND OF CALCULATOR! Bahahahaha

  45. amistre64
    • 5 years ago
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    :) LOL

  46. anonymous
    • 5 years ago
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    well you ARE now my Superhero!! Thanks so much. And I will definitely be back, I assure you! LOL

  47. amistre64
    • 5 years ago
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    have a great time ;)

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spraguer (Moderator)
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is replying to Can someone tell me what button the professor is hitting...

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