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?
How would you work out 4.5% of 209350?
i have no clue
im so confused in this advance algebra with finaancial application
If you don't understand basic maths like percentages, you will struggle later on in life, so you better get a handle on this now. I will give you some examples: To work out 40% of 200, you do 200 x (40/100) Which can be written as 200 x 0.4 To work out 4.5% of 200 you do 200 x (4.5/100) Is this clear?
yes
So how would you work out 4.5% of 209,350?
209350x 0.045
Correct. That would get you the value after the first year. To get the value after the second year, you would need to multiply by 0.045 again.
So to find out what the value is after 15 years, you need to multiply by 0.045 15 times which can be represented as \[209,350 * 0.045^{15}\]
my calculator gave me a funky number
I beg your pardon :) I have misread the question. If the land goes down in value 4.5% every year, that means that the land after the first year is 95.5% of 209,350. And so on. The method is the same, can you work it out?
yes thank you
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