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kelseylynne54

Tamara purchased a building for $114,750. The land appreciates about 2.3% each year. What is the value of the land after 11 years?

  • one year ago
  • one year ago

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  1. iop360
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    P(1+r)^x same thing, but it's i+r inside the bracket rather than 1-r, because the value is appreciating

    • one year ago
  2. iop360
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    1+r*

    • one year ago
  3. kelseylynne54
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    i'm soo confused!

    • one year ago
  4. iop360
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    value of the land after 11 years = \[P(1+r)^x\] with P being your initial value( 114750) r is your rate the value increases each year as a decimal(0.023) x is the number of years (11)

    • one year ago
  5. iop360
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    so plug these values in, and you should get your answer

    • one year ago
  6. iop360
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    114750((1+0.023)^11)

    • one year ago
  7. iop360
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    how can it be 29 031 if the value appreciates?

    • one year ago
  8. iop360
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    you should get 147361.71

    • one year ago
  9. Ashleyisakitty
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    ah, you're correct

    • one year ago
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