Question

1. polnte a e ago Jule purohased olaven acres of land costing 30,000 Today, that land is Valued at $214,800 How lng hai ahe owned thie land it the prioe of the land has bean Increasing at 8 percent penyear? 2.33 yeare 20.00 yoar n 30.23 yeare 31.20 years 32.08 yoare OLDA How

Answer 1

FV = PV * (1+r)^n
FV = 214,800
PV = 36,900
r = 6%

214,800 = 36,900 * (1+0.06)^n

5.8211 = 1.06^n

n = 30.23 years