jane bought some land costing $15,440. today, that same land is valued at $44,917. how long has jane owned this land if the price of land has been increasing at 6 percent per year?

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asked Mar 12, 2024 203k views

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jane bought some land costing $15,440. today, that same land is valued at $44,917. how long has jane owned this land if the price of land has been increasing at 6 percent per year?

Mathematics
high-school

PrathapG asked

by PrathapG

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Answer:

$15,440(1.06^t) = $44,917

1.06^t = 44,917/15,440

t ln 1.06 = ln(44,917/15,440)

t = about 18.33 years

Mahima answered Mar 16, 2024

by Mahima

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