Question

They have an opportunity to buy 50 acres adjacent to their farm for $800 per acre. In the past, the price of farmland has gone up 3% a year. If this continues, how long will it be before the land is worth at least $1000 per acre?

Answer 1

About 8 years

Explanation:

3% of $800 is $24

$24 x 8 is $192 add that to the $800 and you get $992