Taxes on a piece of property are $900 per year. If taxes increase 2 percent per year, what will be the tax on the property 40 years from now?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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Taxes on a piece of property are $900 per
year. If taxes increase 2 percent per year, what
will be the tax on the property 40 years from
now?
Transcribed Image Text:Taxes on a piece of property are $900 per year. If taxes increase 2 percent per year, what will be the tax on the property 40 years from now?
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