Question

You have inherited land that was purchased for $30,000 in 2024. The value of the land increases approximately 5% per year. What is the approximate value of the land in the year 2041?​

Answer 1

Answer: 55,500

Explanation:

First find 5% of 30,000, which is 1,500. Multiply 1,500 by how many years it takes to get to 2041, which is 17, so 1,500 x 17 = 25,500. Add 25,500 to 30,000 to find the price of the land in 2041, which is 55,500.