SOLUTION: Bob bought some land costing $120,500. Today that same land is valued at $235,000. Land has been appreciating in value by 7 percent each year. How long has Bob owned this land? (Ro

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Question 587277: Bob bought some land costing $120,500. Today that same land is valued at $235,000. Land has been appreciating in value by 7 percent each year. How long has Bob owned this land? (Round to 2 decimal places).
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
120500^1.07^x=235000
x=9.87
1=128935
2=137960.45
3=147617.6815=147617.68
4=157950.919205=157950.92
5=169007.48354935=169007.48
6=180838.0073978045=180838.01
7=193496.667915650815=193496.68
8=207041.43466974637205=207041.43
9=221534.3350966286180935=221534.34
10=237041.738553392621360045=237041.74