Question

A house cost $120,000 when it was purchased. The value of the house increases by 10% each year. Find the rate of growth each month.

Answer 1

@Hero

Answer 2

I got 0.0083% any thoughts?

Answer 3

Multiply the value of the house by the percentage it increases each year.

120,000 * .10 or 10%

Answer 4

If you want to find the specific year it was purchased, use a continuous exponential growth equation.

Answer 5

The equation would be A = 120,000(1+.10)^y (y being how many have passed).