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23 February, 00:59

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?

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  1. 23 February, 01:22
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    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.
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