Problema Solution
Tracy purchased a building for $209,350. The land appreciates about 4.5% each year. What is the value of the land after 15 years?
Answer provided by our tutors
Future Value = $405,151.38
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FV = PV * (1 + R) ^ N
FV = $209,350 (1.045) ^ 15 = $405,151.38
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PV = $209,350
R = 4.5%
N = 15 years