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You bought a house for $80,000. You were told that it will increase in value by 3% a year. How much will it be worth after 15 years? $124,637.39 $121,007.18 $128,376.52 $120,007.18

You bought a house for $80,000. You were told that it will increase in value by 3% a year. How much will it be worth after 15 years? $124,637.39 $121,007.18 $128,376.52 $120,007.18

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**Problem Statement:** You bought a house for $80,000. You were told that it will increase in value by 3% a year. How much will it be worth after 15 years? **Options:** - a) $124,637.39 - b) $121,007.18 - c) $128,376.52 - d) $120,007.18 **Explanation:** This is a question regarding the future value of an investment. The problem involves calculating the future value of a house using the formula for compound interest. Given the initial cost of the house, the annual increase rate, and the time period, you must determine which of the options represents the correct future value after 15 years.
Transcribed Image Text:**Problem Statement:** You bought a house for $80,000. You were told that it will increase in value by 3% a year. How much will it be worth after 15 years? **Options:** - a) $124,637.39 - b) $121,007.18 - c) $128,376.52 - d) $120,007.18 **Explanation:** This is a question regarding the future value of an investment. The problem involves calculating the future value of a house using the formula for compound interest. Given the initial cost of the house, the annual increase rate, and the time period, you must determine which of the options represents the correct future value after 15 years.
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