A house was valued at $115,000 in the year 1995. The value appreciated to $175,000 by the year 2008. Use the compound interest formula S = P(1 + r) to answer the following questions. A) What was the annual growth rate between 1995 and 2008? T = Round the growth rate to 4 decimal places. B) What is the correct answer to part A written in percentage form? r = %. C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2011? value = $ Round to the nearest thousand dollars.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
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A house was valued at $115,000 in the year 1995. The value appreciated to $175,000 by the year 2008.
Use the compound interest formula S =
=
P(1 + r) to answer the following questions.
A) What was the annual growth rate between 1995 and 2008?
r =
Round the growth rate to 4 decimal places.
B) What is the correct answer to part A written in percentage form?
r =
%.
C) Assume that the house value continues to grow by the same percentage. What will the value equal in the
year 2011 ?
value = $
Round to the nearest thousand dollars.
Transcribed Image Text:A house was valued at $115,000 in the year 1995. The value appreciated to $175,000 by the year 2008. Use the compound interest formula S = = P(1 + r) to answer the following questions. A) What was the annual growth rate between 1995 and 2008? r = Round the growth rate to 4 decimal places. B) What is the correct answer to part A written in percentage form? r = %. C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2011 ? value = $ Round to the nearest thousand dollars.
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