Homes in your neighborhood appreciates at a rare Of 3.5% annually. The family purchase a home in your neighborhood with a value of 160,000 at this rate how many years will it take for the home to be valued at 250,000

it will take 13 years for the home to be valued at 250,000

Step-by-step explanation:

The growth rate is exponential. We would apply the formula for exponential growth which is expressed as

y = b(1 + r)^ t

Where

y represents the value of the house after t years.

t represents the number of years.

b represents the initial value of the house.

r represents rate of growth.

From the information given,

b = 160000

y = 250000

r = 3.5% = 3.5/100 = 0.035

Therefore

250000 = 160000(1 + 0.035)^t

250000/160000 = (1.035)^t

1.5625 = (1.035)^t

Taking log of both sides to base 10

Log 1.5625 = log1.035^t = tlog1.035

0.1938 = t × 0.0149

t = 0.1938/0.0149

t = 13 years

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step-by-step explanation:

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step-by-step explanation: