Answer:
the value of Jericho's house in 2019 is approximately $698,597.60.
Explanation:
To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where:
A is the final amount (the value of the house in 2019)
P is the initial amount (the value of the house in 2010, which is $450,000)
r is the annual interest rate (which is 5%, or 0.05, in this case)
n is the number of times the interest is compounded per year (which is 1, since the interest is compounded annually)
t is the time period (in years)
Using the formula, we can find the value of Jericho's house in 2019 as follows:
A = P(1 + r/n)^(nt)
= $450,000(1 + 0.05/1)^(1*9)
= $450,000(1.05)^9
= $450,000(1.551328)
= $698,597.60
Therefore, the value of Jericho's house in 2019 is approximately $698,597.60.