Answer:
the value of the home after 12 years =$275,165.60
Step-by-step explanation:
To find value of appreciation after 12 years
We apply exponential growth formula
Where a represents the initial amount (purchased amount)
a= 182,100
r = rate of interest ( appreciation percentage) = 3.5% = 0.035
x represents the time period= 12 years
Plug in all the values
y= 275165.6025027724
y=$275165.60
★ Substituting values
★ Hence the value
Hope it helps !
Answer:
$18,726.11
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First lets change 9% into a decimal:
9% -> -> 0.09
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
<u>The balance after 5 years is $18,726.11</u>