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fiasKO [112]
3 years ago
15

Gareth bought a home for $135,000. The home gained 2.2% in value every year for eight years until Gareth sold it. How much profi

t did Gareth make, to the nearest hundred dollars?
Answers:
a. $60,700

b. $25,700

c. $23,800

d. $29,100
Mathematics
1 answer:
GarryVolchara [31]3 years ago
6 0
We are given with
Present worth = $135000
Interest rate = 2.2% (assume effective)
Time = 8 years

The future worth is
F = 135000 (1 + 0.022)^8
F = <span>160672.27

The profit is
</span><span>$160672.27 - $135000 = $25672.27
</span>
The closest answer is
<span>b. $25,700
</span>
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