Answer:
$237,121.76
Explanation:
Compounding is the computation of the future value of a present amount while the opposite of compounding which is the determination of a present value of a future amount is discounting. the relationship between present and future value is given as
Fv = Pv (1 + r)^n
where
Fv = future value
Pv = Present value
n = time
r = rate
Fv = 217000(1 + 0.03) ^3
= $237,121.76
The worth of the home purchased 3 year ago now is $237,121.76
