Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

coolaidd

  • 3 years 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.

  • This Question is Closed
  1. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    250000(1.03)^3 = 273182

  2. coolaidd
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thanks! I have like 2more questions like this.. you think you can help?

  3. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    I can tyr!

  4. coolaidd
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 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.

  5. coolaidd
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @tcarroll010

  6. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    First, the formula for compounding continuously is: \[A = P \times e ^{0.045t}\]

  7. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    \[800 = 400 \times e ^{0.045t}\] \[2 = e ^{0.045t}\]\[\ln 2 = \ln e ^{0.045t}\]\[\frac{ \ln 2 }{ 0.045 } = t\]

  8. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    t = 15.4

  9. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    For the second one,\[1200 = 600 \times e ^{(r)(10)}\] \[2 = e ^{10r}\]\[\ln 2 = \ln e ^{10r}\]\[\frac{ \ln 2 }{ 10 } = r = 0.0693\]

  10. coolaidd
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you soo soo much!

  11. tcarroll010
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    uw!

  12. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy