A house purchased for $230,000 has lost 6% of its value each year for the last four years. What is the house worth now?
1 answer:
You can use the compound growth to work this out,
Firstly you need to make a multiplier for -6%;
1-(6/100) = 0.94
The you times the amount of money by 0.94 to the power of 4 because you are working out 4 years:
230000*0.94^4 = 179527.26
The answer is $179527.26,
Hope this helps! :)
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