The Mendes family bought a new house 8 years ago $129,000. The new house is now worth $186,000. Assuming a steady rate of growth

Question

3 years ago

10

The Mendes family bought a new house 8 years ago $129,000. The new house is now worth $186,000. Assuming a steady rate of growth

, what was the yearly rate of appreciation? Round your answer to the nearest tenth of a percent (1.2% etc)
******PLEASE HELP****

Mathematics

1 answer:

USPshnik [31] · Answer 1 · 2021-12-11T02:41:20+03:00

So assuming simplet interest

find the change to find the interest
change=186000-129000=57000

simple interest=time times rate times principal
time is in years (8)
rate is in decimal
principal is amount invested (129000)

so
interest is 57000
57000=(8)(r)(129000)
57000=1032000r
divide both sides by 1032000
0.05523255813953488372093023255814=r
or
5.523255813953488372093023255814%
rounded
5.5%