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A lot was purchased at 4,000,000 Php and a house was built worth 2,000,000. 10years later at the end of the useful life of the house, the house and lot was sold off at a price of 11,000,000. Land value increased by a steady 10% per year. What would have been the worth of the house and lot if it was sold 5 years earlier.

A lot was purchased at 4,000,000 Php and a house was built worth 2,000,000. 10years later at the end of the useful life of the house, the house and lot was sold off at a price of 11,000,000. Land value increased by a steady 10% per year. What would have been the worth of the house and lot if it was sold 5 years earlier.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A lot was purchased at 4,000,000 Php and a house was built worth 2,000,000. 10years later at the end of the useful life of the house, the house and lot was sold off at a price of 11,000,000. Land value increased by a steady 10% per year. What would have been the worth of the house and lot if it was sold 5 years earlier.
Transcribed Image Text:A lot was purchased at 4,000,000 Php and a house was built worth 2,000,000. 10years later at the end of the useful life of the house, the house and lot was sold off at a price of 11,000,000. Land value increased by a steady 10% per year. What would have been the worth of the house and lot if it was sold 5 years earlier.
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