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borishaifa [10]
3 years ago
5

Ben Collins plans to buy a house for $188,000. If the real estate in his area is expected to increase in value by 3 percent each

year, what will its approximate value be seven years from now?
Business
1 answer:
Sunny_sXe [5.5K]3 years ago
6 0

Answer:

The value after seven years from now is $231,216.29

Explanation:

The computation of the expected value would be seven years from now is shown below:

Here we use the future value formula i.e. shown below:

Future value = Present value × (1 + interest rate)^number of years

= $188,000 × (1 + 0.03)^7

= $188,000 × (1.03)^7

= $231,216.29

Hence, the value after seven years from now is $231,216.29

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