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kelseylynne54
 3 years ago
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?
kelseylynne54
 3 years ago
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?

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iop360
 3 years ago
Best ResponseYou've already chosen the best response.0P(1+r)^x same thing, but it's i+r inside the bracket rather than 1r, because the value is appreciating

kelseylynne54
 3 years ago
Best ResponseYou've already chosen the best response.0i'm soo confused!

iop360
 3 years ago
Best ResponseYou've already chosen the best response.0value 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)

iop360
 3 years ago
Best ResponseYou've already chosen the best response.0so plug these values in, and you should get your answer

iop360
 3 years ago
Best ResponseYou've already chosen the best response.0how can it be 29 031 if the value appreciates?

iop360
 3 years ago
Best ResponseYou've already chosen the best response.0you should get 147361.71

Ashleyisakitty
 3 years ago
Best ResponseYou've already chosen the best response.0ah, you're correct
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