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
Algebra ->
Customizable Word Problem Solvers
-> Misc
-> 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
Log On
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
