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25 February, 14:23

You buy a house in 2017 for $300,000. the house appreciates at a rate of 1.2% per year. in what year will it be worth 350,000

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  1. 25 February, 14:42
    0
    Appreciation rate = 1.2% = 0.012

    Let it take n years

    300000^0.012n = 350000

    taking log

    0.012n * log (300000) = log (350000)

    0.012n * 5.4771 = 5.5440

    0.0657252 n = 5.5440

    n = 84.35 years

    2017 + 84.35 = 2101.35

    It will be worth $350,000 in 2101
  2. 25 February, 14:45
    0
    A=p (1+r) ^t

    350000=300000 (1+0.012) ^t

    350000/300000 = (1.012) ^t

    Log (350000/300000) = t*log (1.012)

    T=log (350000/300000) / log (1.012)

    T=12.92 round = 13 years

    2017+13==2,030
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