document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=981599>Question 981599</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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)\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #602598 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=602598\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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) <BR>\n" );
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document.write( "Solve:  104000*(1+r)^6 = 177000<BR>\n" );
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document.write( "(1+r)^6 = 1.702<BR>\n" );
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document.write( "1+r = 1.702^(1/6) = 1.093<BR>\n" );
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document.write( "rate = 0.093 = 9.3%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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