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.
:
Let x = amt paid 20 yrs ago
:
x*(1.037)^20 = 575000
:
Using a calc, find 1.037^20
2.068117x = 575000
x = {{{575000/2.068117}}}
x ~ $278,000