You have purchased land for $10,000 in 1980 . The value of the land increased by approximately 5% per year. What is the approximate value of the land in the year 2016 ?
Added by Carla W.
Step 1
Step 1: Calculate the annual increase in value To calculate the annual increase, we can use the formula for compound interest: A = P(1 + r)^n, where A is the amount after n years, P is the principal amount, r is the annual interest rate, and n is the number of Show more…
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