A house purchased five years ago for 100,000 was just sold for 135,000 assuming eponteniol growth approxmate the annual growth r

Question

Keith_Richards [23]

2 years ago

15

A house purchased five years ago for 100,000 was just sold for 135,000 assuming eponteniol growth approxmate the annual growth r

ate rate to the nearest percent

Mathematics

1 answer:

S_A_V [24] · Answer 1 · 2022-05-27T14:15:57+03:00

S_A_V [24]2 years ago

4 0

Wow.... I find it seriously hard to believe that you have to do this bashing torture. Anyway, we call the interest rate n. so, we have 100,000*(1+0.01n)^5=135000. Usig Wolfram alpha, n comes out as 6. SO, the percent rate is 6%.