Nettlebrand Nettlebrand

04-03-2020
Mathematics

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You have inherited land that was purchased for $30,000 in 1960. The value of the land increased by approximately 5% per year. What is the approximate value of the land in the year 2011?

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sqdancefan sqdancefan

04-03-2020

Answer:

$361,223

Step-by-step explanation:

Each year, the value is multiplied by 1+5% = 1.05. After 51 years, it has been multiplied by that factor 51 times, so is now ...

$30,000×1.05^51 ≈ $361,223

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