SOLUTION: If a piece of real estate purchased for $50,000 in 1998 appreciates at the rate of 5% per year, then its value t years after the purchase will be f(t)=50000(1.05^t). According to

Question 54197: If a piece of real estate purchased for $50,000 in 1998 appreciates at the rate of 5% per year, then its value t years after the purchase will be
f(t)=50000(1.05^t). According to this model, by how much will the value of this piece of property increase between the years 2007 and 2008?

Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
2007 - 1998 = 9 years
2008 - 1998 = 10 years
50000(1.05)^10 - 50000(1.05)^9
Approx.
81,444.73 - 77,566.41 = 3,878.32
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