in a suburb of a city housing costs have been increasing at 56 per year compounded annually for

Name: in a suburb of a city housing costs have been increasing at 56 per year compounded annually for past 8 years a house with a 116000 value now would have had what value 7 years ago 53494
Uploaded: 2023-06-12T01:36:44-08:00
Duration: 2 min 12 s
Channel: Madhur L
Description: in a suburb of a city housing costs have been increasing at 56 per year compounded annually for past 8 years a house with a 116000 value now would have had what value 7 years ago 53494

Question

Maitreya E · Accepted Answer

1. We know that the house value increases by 5.6% per year compounded annually.

Question

In a suburb of a city, housing costs have been increasing at 5.6% per year compounded annually for past 8 years. A house with a $116,000 value now would have had what value 7 years ago?

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