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Tamiku [17]
3 years ago
11

Assume in a certain city that housing costs have been increasing at 5.2% per year compounded annually for the past 8 years. A ho

use worth $260,000 today would have had what value 8 years ago?
Mathematics
1 answer:
liraira [26]3 years ago
4 0

Answer:

\$173,319.50  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=8\ years\\ A=\$260,000\\ r=5.2\%=5.2/100=0.052\\n=1  

substitute in the formula above

260,000=P(1+\frac{0.052}{1})^{1*8}  

solve for P

260,000=P(1.052)^{8}  

P=260,000/(1.052)^{8}=\$173,319.50  

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