A house was purchased for $250,000 in the year 2005. Its value increases at a rate of 3% per year. What will the value of the home be in 2030?

A house was purchased for $250,000 in the year 2005. Its value increases at a rate of 3% per year. What will the value of the home be in 2030?

 
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1 Answer

Number of years, t = 2030 -2005 = 25

Principal, P =250000

rate, r = 3

Value of the home in 2030 = 250000 *(1+3/100)^25 = $523444.482414
by Level 8 User (30.1k points)
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