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You buy a house for $250,000 and it appreciates at a rate of 3% a year. How much will the house be worth after 3 years? Round to the nearest dollar.
 one year ago
 one year ago
You buy a house for $250,000 and it appreciates at a rate of 3% a year. How much will the house be worth after 3 years? Round to the nearest dollar.
 one year ago
 one year ago

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tcarroll010Best ResponseYou've already chosen the best response.1
250000(1.03)^3 = 273182
 one year ago

coolaiddBest ResponseYou've already chosen the best response.0
thanks! I have like 2more questions like this.. you think you can help?
 one year ago

coolaiddBest ResponseYou've already chosen the best response.0
1) Find the amount of time it will take to double an investment of $400 with a rate of 4.5% compounded continuously. Round your answer to the nearest tenth. 2) Find the rate it would take to double an investment of $600 in 10 years if the rate is compounded continuously. Round your answer to the nearest tenth.
 one year ago

tcarroll010Best ResponseYou've already chosen the best response.1
First, the formula for compounding continuously is: \[A = P \times e ^{0.045t}\]
 one year ago

tcarroll010Best ResponseYou've already chosen the best response.1
\[800 = 400 \times e ^{0.045t}\] \[2 = e ^{0.045t}\]\[\ln 2 = \ln e ^{0.045t}\]\[\frac{ \ln 2 }{ 0.045 } = t\]
 one year ago

tcarroll010Best ResponseYou've already chosen the best response.1
For the second one,\[1200 = 600 \times e ^{(r)(10)}\] \[2 = e ^{10r}\]\[\ln 2 = \ln e ^{10r}\]\[\frac{ \ln 2 }{ 10 } = r = 0.0693\]
 one year ago

coolaiddBest ResponseYou've already chosen the best response.0
Thank you soo soo much!
 one year ago
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