Final answer:
To find the minimum number of years for the price of the house to exceed RM 300,000, we can set up an equation using the given information and solve for the number of years using logarithms.
Step-by-step explanation:
To find the minimum number of years for the price of the house to exceed RM 300,000, we can set up an equation using the given information. Let's assume that the starting price of the house is P. The equation would be:
P * (1 + r/100)^m = 300,000
Where P is the starting price, r is the annual rate of increase in percentage, and m is the number of years.
In this case, the starting price is RM 260,000 and we need the house price to exceed RM 300,000. Let's substitute the values and solve for m:
260,000 * (1 + r/100)^m > 300,000
(1 + r/100)^m > 300,000 / 260,000
(1 + r/100)^m > 1.1538
Now, we need to find the minimum value of m that satisfies this inequality. To do that, we can use logarithms. Taking the logarithm (base 10) of both sides:
m * log(1 + r/100) > log(1.1538)
m > log(1.1538) / log(1 + r/100)
Using the information provided, you can substitute the values and calculate the minimum number of years required.