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julio003620
21.03.2020 •
Mathematics
The Greens bought a condominium for $110,000 in 2010. If its value appreciates at an average rate of 6% per year, what will the
value be in 2015?
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Ответ:
$147,205
Step-by-step explanation:
We are given;
Initial value of the Condominium as $110,000
The rate of appreciation as 6%
Time from 2010 to 2015
We are required to determine its value in 2015.
Using the appreciation formula;
N = N₀ (1+r/100)^n
Where N is the new value and N₀ is the original value
R is the rate of appreciation
n is the time taken
Therefore;
New value in 2015 = $110,000 × (1 + 6/100)^5
= $110,000 × 1.06^5
= $147,204.81
= $147,205
Therefore, the value of condominium in 2015 will be $147,205
Ответ: