Question 1039900: S=C(1+R)^t Using this formula solve
if the inflation rate is 4%, how much will a house now worth $500,000 be worth in 6 years?
how many years will it take to double today's value at a rate of 3%
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! S=C(1+R)^t Using this formula solve
if the inflation rate is 4%, how much will a house now worth $500,000 be worth in 6 years?
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S = 500,000(1.04)^6
S = $632659.51
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how many years will it take to double today's value at a rate of 3%
Solve:: (1.03)^t = 2
t = log(2)/log(1.03) = 23.45
Answer:: 23 years
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Cheers,
Stan H.
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