SOLUTION: A company bought a parcel of land twenty years ago. The land is currently worth $575,000. The yearly appreciation rate has been 3.7%. About how much did the company pay for the
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Question 610062: A company bought a parcel of land twenty years ago. The land is currently worth $575,000. The yearly appreciation rate has been 3.7%. About how much did the company pay for the land.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A company bought a parcel of land twenty years ago.
The land is currently worth $575,000.
The yearly appreciation rate has been 3.7%.
About how much did the company pay for the land.
:
Let x = amt paid 20 yrs ago
:
x*(1.037)^20 = 575000
:
Using a calc, find 1.037^20
2.068117x = 575000
x =
x ~ $278,000
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