Answer:
Ben Collins’ house six years from now will be $184,4941.
Explanation:
To calculate the approximate value of Ben Collins’ house six years from now, we can use the future value (FV) formula. The formula is given by:
[ FV = PV \times (1 + r)^n ]
Where:
(FV) is the future value of the house,
(PV) is the present value of the house ($168,000),
(r) is the annual interest rate (1 percent or 0.01), and
(n) is the number of years (6).
Using this formula, we can calculate the future value as follows:
[ FV = $168,000 \times (1 + 0.01)^6 ]