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Mathematics 24 Online
OpenStudy (anonymous):

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?

OpenStudy (anonymous):

How would you work out 4.5% of 209350?

OpenStudy (anonymous):

i have no clue

OpenStudy (anonymous):

im so confused in this advance algebra with finaancial application

OpenStudy (anonymous):

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?

OpenStudy (anonymous):

yes

OpenStudy (anonymous):

So how would you work out 4.5% of 209,350?

OpenStudy (anonymous):

209350x 0.045

OpenStudy (anonymous):

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.

OpenStudy (anonymous):

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 \[209,350 * 0.045^{15}\]

OpenStudy (anonymous):

my calculator gave me a funky number

OpenStudy (anonymous):

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?

OpenStudy (anonymous):

yes thank you

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