Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Pete bought a house in 2009 for $200,000.
The value of his house increased by 10%
annually.

Sagot :

Answer:

Value of house in 2021 = $627,680 (Approx.)

Step-by-step explanation:

Given:

Value of house in 2009 = $200,000

Rate increased per year = 10% annually

Find;

Value of house in 2021

Computation:

Number of year = 2021-2009 = 12 year

Value of house in 2021 = Value of house in 2009[1+Rate increased per year]ⁿ

Value of house in 2021 = 200,000[1+10%]¹²

Value of house in 2021 = 200,000[1+0.1]¹²

Value of house in 2021 = 200,000[1.1]¹²

Value of house in 2021 = 200,000[3.1384]

Value of house in 2021 = $627,680 (Approx.)

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.