Question

Lily is planning to sell her home, which she bought seven years ago for a total of $168,000.the property value has increased by 2.5% each year for the past seven years. in the meantime, lily has made improvements and renovations to the home which increase its sale value by $52,000. how much will lily sell the home for, to the nearest hundred dollars? a. $261,500 b. $249,400 c. $267,000 d. $251,700 please select the best answer from the choices provided a b c d

Answer 1

Lily will sell the house for $251,700, which is the sum, to the nearest hundred dollars.

What exactly is amount?

The amount of the initial loan, or principal, is multiplied by one to determine compound interest. The yearly interest rate is then increased to the number of compound periods minus one. The balance of the Loan, including with compound interest, shall thereafter become due and payable by you.

We employ a formula to answer the question,

A= P $(1+r)^{n}$

We apply numbers in the formula:

A= 168,000 $(1 + 0.025)^{7}$

A= 168,000 $(1.025)^{7}$

A= 168000 (1.18869)

A= 199,699

S. P.= $199,699 + $52,000

S. P. = $ 251,699

Selling Price= $251,700 (approx.)

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