SOLUTION: The Mendes family bought a new house 6 years ago for $104,000. The house is now worth $177,000. Assuming a steady rate of growth, what was the yearly rate of appreciation? Round yo
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Question 981599: The Mendes family bought a new house 6 years ago for $104,000. The house is now worth $177,000. Assuming a steady rate of growth, what was the yearly rate of appreciation? Round your answer to the nearest tenth of a percent (1.2% etc)
Answer:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The Mendes family bought a new house 6 years ago for $104,000. The house is now worth $177,000. Assuming a steady rate of growth, what was the yearly rate of appreciation? Round your answer to the nearest tenth of a percent (1.2% etc)
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Solve: 104000*(1+r)^6 = 177000
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(1+r)^6 = 1.702
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1+r = 1.702^(1/6) = 1.093
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rate = 0.093 = 9.3%
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Cheers,
Stan H.
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