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Suppose you inherited a house that was purchased in 1950 for 20,000. It is now 2015 and the value of the house has increased by approximately 5% each year what is the house worth now
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Suppose you inherited a house that was purchased in 1950 for 20,000. It is now 2015 and the value of the house has increased by approximately 5% each year what is the house worth now

User Paul Ho
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2 Answers

4 votes

for acellus the answer 476,798

User Ritesh Mathur
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6.1k points
3 votes
This deals with exponential growth.
house value = 20,000 * (1.05)^years
(where years is # of years from 1950 - so 1950 = 0, 1951 = 1, etc)
house value = 20,000 * (1.05)^65
house value = 20,000 * 23.8399005592
house value = 476,798.01

User Ilya Streltsyn
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5.7k points
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