214,358.88
To calculate the value of the condo in 8 years, we can use the formula for compound interest:
A = P(1 + r)^t
Where:
A = final amount
P = initial amount ($120,000)
r = annual interest rate (10% or 0.10)
t = number of years (8)
Plugging in the values:
A = $120,000(1 + 0.10)^8
A = $120,000(1.10)^8
A = $120,000(2.143588)
A = $214,358.88
Therefore, the Sutton family's condo will be worth approximately $214,358.88 in 8 years.
or
Condos in Georgetown go up in value by 10% each year. If the Sutton family's condo is now worth $120,000, what will it be worth in 8 years?
If necessary, round your answer to the nearest cent.
$
1 answer