Sheila purchased a plot of land for $23,500. The land appreciates about 1.9% each year. What is the value of the land after seven years?

$20,547.12

$23,761.70

$26,625.50

$26,809.40

Question

Sheila purchased a plot of land for $23,500. The land appreciates about 1.9% each year. What is the value of the land after seven years?

$20,547.12

$23,761.70

$26,625.50

$26,809.40

anonymous · Answer

This is an exponential growth problem, so use the formula

23,500(1+ .019)^7...use your calculator to compute this.

anonymous · Answer

1st again find what where making earning/adding this time 
23,500*.019=446.5
2nd time by 7years
446.5*7=3125.5
3rd add
23,500+3,125.5=??

anonymous · Answer

i know its $26,625.50

anonymous · Answer

For future reference to anyone that sees this, that's not the right answer.