Question

a house was purchased in 1994 for $118,000 it’s appreciates by 4% in value each year
GPT 3.5
. What is the value of the house in 2021?

To calculate the value of the house in 2021, we need to find the value after 27 years of appreciation at 4% per year.

First, calculate the annual appreciation:

$118,000 x 4% = $4,720

Next, calculate the total appreciation over 27 years:

$4,720 x 27 = $127,440

Finally, add the total appreciation to the original purchase price to find the value of the house in 2021:

$118,000 + $127,440 = $245,440

Therefore, the value of the house in 2021 is $245,440.

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