Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

In the year 1985, a house was valued at $106,000. By the year 2005, the value had appreciated to $146,000. What was the annual growth rate between 1985 and 2005? Assume that the value continued to grow by the same percentage. What was the value of the house in the year 2010?

Sagot :

The value of the house in the year 2010 is 150056.47.

What is growth rate?

The growth rate of a value (GDP, turnover, wages, etc.) measures its change from one period to another (month, quarter, year)

Value

v(t) = V0 ( 1 + r)^t

let V0 =  106, v(20) = 146

So,

146 = 110(1 + r )^20

146/110 = (1 + r )^20

1.327 = (1 + r )^20

1+ r = 1.014

r= 0.014

So, annual growth rate is 1.4%.

In the year 2010

v(t) = 106(1.014)^25

v(t) = 106(1.014)^25

v(t) - 150056.47

Learn more about this concept here:

https://brainly.com/question/15383938

#SPJ1

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.