Shelby purchased a plot of land for $27,500. the land appreciates about 2.9% each year. what is the value of the land after nine years?

Original cost of the land = $27,500

The land appreciates in value by 2.9% each year.

After 1 year, the value is

$27500 * (1 + 0.029) = $27500*1.029

After 2 years, the value is

$27500*1.029*1.029 = $27500 * (1.029²)

By induction, the value after n years is

$27500 * (1.029ⁿ)

After 9 years (n=9), the value is

$27500 * (1.029⁹) = $35,568.95

Answer: The value after 9 years is $35,568.95