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11 February, 07:00

Maxxie purchased a tract of land for $24,500. Today, the same land is worth $43,800. How many years have passed if the price of the land has increased at an annual rate of 6.4 percent

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  1. 11 February, 07:10
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    9.35 years

    Explanation:

    To find the numbers of years that have passed, you can use the following formula:

    n = ln (FV / IV) / ln (1 + r)

    n = number of periods

    FV = Future value = $43,800

    IV = Initial value = $24,500

    r = rate = 6.4%

    n=ln (43,800/24,500) / ln (1+0.064)

    n = ln1.79/ln1.064

    n=0.58/0.062

    n = 9.35

    According to this, 9.35 years have passed.
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Home » Business » Maxxie purchased a tract of land for $24,500. Today, the same land is worth $43,800. How many years have passed if the price of the land has increased at an annual rate of 6.4 percent
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