Question

You bought a house for $110,000 in 2010 if its value increases at an average rate of 6% per year what would the value be in 2045

Answer 1

Answer:

$845,469.55

Step-by-step explanation:

$p\%=\dfrac{p}{100}\\\\100\%+6\%=106\%=\dfrac{106}{100}=1\dfrac{6}{100}=1.06\\\\2011:\\\ 110,000\cdot1.06=...\\2012:\\(\ 110,000\cdot1.06)\cdot1.06=\ 110,000\cdot(1.06)^2=...\\2013:\\(\ 110,000\cdot(1.06)^2)\cdot1.06=\ 110,000\cdot(1.06)^3=...\\\vdots\\2045:\qquad(2045-2010=35)\\\ 110,000\cdot(1.06)^{35}\approx\ 845,469.55$