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You have inherited land that was purchased for $30,000 in 2024. the value of the land increases approximately 5% per year. what is the approximate value if the land in the year 2041

Sagot :

The land will be incremented worth $535500 in the year 2041.

Given that,

You have inherited land that was bought in 2024 for $30,000 from a previous generation. The value of the land typically increases by 5% yearly.

The amount is $30000.

Increment = 5%

Period is 17 years, or 2041 to 2024.

The value is multiplied by 1+5% per year, which equals 1.05

It has been multiplied by that factor 17 times after 17 years.

So,

The formula is

Sum + Increment + Number of Years

= $30,000 * 1.05 *17

= $535500

As a result, $535500 is the anticipated value of the land in 2041.

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