Bob bought some land costing $15,690. Today, that same land is valued at $45,417. How long has Bob owned this land if the price of land has been increasing at 5 percent per year

t = 21.78436854 rounded off to 21.78 years

Explanation:

We are given the future value and the present value of land. To calculate the number of years of ownership of the land whose price has been increasing at 5% per year, we can use either use the formula for Future Value or Present value.

Here we are solving it using the future value formula which is,

FV = PV * (1 + r)^t

Where,

FV is Future Value

PV is Present value

r is the annual rate of increase

t is time period in years

Plugging in the values for FV, PV and r, we can calculate the value of t,

45417 = 15690 * (1 + 0.05)^t

45417 / 15690 = (1+0.05)^t

2.894646272  =  (1.05)^t

Taking log on both sides.

Ln(2.894646272) / Ln(1.05)  =  t

t = 21.78436854 rounded off to 21.78 years

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!

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