anonymous
  • anonymous
A house cost $120,000 when it was purchased. The value of the house increases by 10% each year. Find the rate of growth each month.
Mathematics
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
@Hero
anonymous
  • anonymous
I got 0.0083% any thoughts?
anonymous
  • anonymous
Multiply the value of the house by the percentage it increases each year. 120,000 * .10 or 10%

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More answers

anonymous
  • anonymous
If you want to find the specific year it was purchased, use a continuous exponential growth equation.
anonymous
  • anonymous
The equation would be A = 120,000(1+.10)^y (y being how many have passed).

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