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barxatty [35]
4 years ago
12

Some time ago, julie purchased eleven acres of land costing $36,900. today, that land is valued at $214,800. how long has she ow

ned this land if the price of the land has been increasing at 6 percent per year?
Business
1 answer:
KATRIN_1 [288]4 years ago
5 0
The formula is
A=p (1+r)^t
A future value 214800
P current value 36900
R rate of increases 0.06
T time?
We need to solve for t
T=log (A/p)÷log (1+r)
T=log(214,800÷36,900)÷log(1+0.06)
T=30 years
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