Mathematics, 22.10.2019 21:00 whismanjames
The mendes family bought a new house 11 years ago for $100,000. the house is now worth $196,000. assuming a steady rate of growth, what was the yearly rate of appreciation? round your answer to the nearest tenth of a percent (1.2% etc)
Answers: 1
![\bf A=10000(1+r)^t\ \begin{cases} A=196000\\ t=11 \end{cases}\implies 196000=100000(1+r)^{11} \\\\\\ \cfrac{196000}{100000}=(1+r)^{11}\implies \cfrac{49}{25}=(1+r)^{11}\implies \sqrt[11]{\cfrac{49}{25}}=1+r \\\\\\ \sqrt[11]{\cfrac{49}{25}}-1=r\implies 0.063087\approx r\qquad 0.063087\cdot 100\implies 6.3087 \\\\\\ 6.3\% \approx r](/tpl/images/0341/1788/d2856.png)
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The mendes family bought a new house 11 years ago for $100,000. the house is now worth $196,000. ass...
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