Question

You buy a house in 2017 for $300,000. the house appreciates at a rate of 1.2% per year. in what year will it be worth 350,000

Answer 1

A=p(1+r)^t
350000=300000(1+0.012)^t
350000/300000=(1.012)^t
Log(350000/300000)=t*log(1.012)
T=log(350000/300000)/log(1.012)
T=12.92 round =13 years

2017+13==2,030

Answer 2

Appreciation rate = 1.2% = 0.012

Let it take n years

300000^0.012n = 350000

taking log
0.012n * log(300000) = log(350000)
0.012n * 5.4771 = 5.5440
0.0657252 n = 5.5440
n = 84.35 years

2017 + 84.35 = 2101.35

It will be worth $350,000 in 2101