yikesjayson
Answered

At Westonci.ca, we provide reliable answers to your questions from a community of experts. Start exploring today! Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

A house purchased on December 31, 2015 for $100,000 is appreciating in value at a rate of 7% each year, which represents geometric growth. Assuming this yearly appreciation continues, to the nearest dollar state the value of the house exactly 5 years after it was purchased.

Sagot :

The value of the house exactly 5 years after the house was purchased is $140,255.17.

What is the value of the house?

Appreciation is when the value of a property increases. As a result of the appreciation of the house, the price of the house would keep increasing.

The future value of the house = present value (1 + rate of appreciation)^number of years

$100,000(1.07)^5 = $140,255.17

To learn more about future value, please check: https://brainly.com/question/18760477

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.