Asked by Andrea
A house was valued at $100,000 in the year 1987. The value appreciated to $165,000 by the year 2002.
Use the compound interest formula S=P(1+r)^t to answer the following questions.
A) What was the annual growth rate between 1987 and 2002? (Round to 4 decimal places.)
B) What is the correct answer to part A written in percentage form?
C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2005? (Round to the nearest thousand dollars.)
Use the compound interest formula S=P(1+r)^t to answer the following questions.
A) What was the annual growth rate between 1987 and 2002? (Round to 4 decimal places.)
B) What is the correct answer to part A written in percentage form?
C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2005? (Round to the nearest thousand dollars.)
Answers
Answered by
Reiny
100,000(1+r)^15 = 165,000
(1+r)^15 = 1.65
take the 15th root of both sides using your calculator.
let me know what you get.
(1+r)^15 = 1.65
take the 15th root of both sides using your calculator.
let me know what you get.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.