Carly bought a new house for $125,000. The value of the house appreciates approximately 3.5% each year. What will be the value o
f the house after 10 years?
2 answers:
For 1 year, the house appreciates $4375 (3.5% of 125,000). Therefore after 10 years, $4375(10) = $43750. $125,000+ $43750 = $168,750.
Y=125,000 (1+.035)^10
Y=125,000 (1.035)^10
Y=125,000 (1.410598716) or 125,000 (1.41)
Y= $176324.85 or $176250
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