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kelseylynne54
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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
kelseylynne54 Group Title
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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iop360 Group TitleBest ResponseYou've already chosen the best response.0
P(1+r)^x same thing, but it's i+r inside the bracket rather than 1r, because the value is appreciating
 one year ago

kelseylynne54 Group TitleBest ResponseYou've already chosen the best response.0
i'm soo confused!
 one year ago

iop360 Group TitleBest ResponseYou've already chosen the best response.0
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

iop360 Group TitleBest ResponseYou've already chosen the best response.0
so plug these values in, and you should get your answer
 one year ago

iop360 Group TitleBest ResponseYou've already chosen the best response.0
114750((1+0.023)^11)
 one year ago

iop360 Group TitleBest ResponseYou've already chosen the best response.0
how can it be 29 031 if the value appreciates?
 one year ago

iop360 Group TitleBest ResponseYou've already chosen the best response.0
you should get 147361.71
 one year ago

Ashleyisakitty Group TitleBest ResponseYou've already chosen the best response.0
ah, you're correct
 one year ago
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