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The Lee family bought their home for $220,000 this year. The equation =220,000(1.038) V = 220 , 000 ( 1 . 038 ) x can be used to find the value, V, of their home after x years. Which will be the value of the Lee family's home in 5 years?

Respuesta :

JordanWrightxggw

V = $220,000 * (1.038) is for one year = $228,360 +(5*1.038) simple interest = V =$228,365.19.

228,360 *5 = a. $1,141,180 this is comound interest.