Over the past few years, housing costs have increased at a rate of 6% per year. If this trend were to continue, how many years would it be before a house doubled in value? 18 years 6 years 12 years 9 years.
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Over the past few years, housing costs have increased at a rate of 6% per year. If this trend were to continue, how many years would it be before a house doubled in value?
18 years
6 years
12 years
9 years.
Step by step
Solved in 4 steps
- If an average home in your town currently costs $300,000, and house prices are expected to grow at an average rate of 5 percent per year, what will an average house cost in 10 years?In some housing markets, it is predicted that homes will continue to appreciate at 4% per year into the future. If you purchase a home for $435,500.00, what can you expect to sell it for after 11 years, if this appreciation percentage is correct?The average price of a new home is $520,000.If new home prices are increasing at a rate of 10%per year, how much will a new home cost in 6 years?3.10 What will be the amount accumulated by eachof these present investments?(a) $4,000 in 6 years at 7% compounded annually.(b) $6,750 in 15 years at 9% compounded annually.(c) $10,500 in 25 years at 6% compounded annually.(d) $15,000 in 8 years at 7.5% compounded annually.
- If the annual cost of a given good rises 2.3% per year for the next 20 years, write an equation to model the approximate cost of the good during any year in the next 20. Determine how long it will take for the price of the good to double.For the past 4 years, real estate prices in one area of the country have been increasing at an exponential rate of 4.5 percent per year. A home was purchased 4 years ago for $125,000. (a) What is it estimated value today? (b) Assuming appreciation continues at the same rate, what will its value be 5 years from today?What annual rate of return is earned on a $1,000 investment when it grows to $2,700 in eight years?
- Measured in today's dollars, how much better is it to receive $2,411 in 4 years than to receive $5,066 in 15 years, if the rate of return is 10.5% per year?How many years will it take for something costing $61 today to cost $91 if inflation averages 1% per year? Answer in years, rounded to a whole number.How many years will it take for $14,000 to grow to $43,000 if you can earn an average rate of 8.8% per year
- You just bought a $900,000 house in Philly. You financed your purchase with a loan. Assume that houses in Inland Empire increase at the rate of 5.30 percent a year. Your downpayment rate at the time of house purchase was 40 percent. (a) The expected appreciation rate on home price next year equals ______ percent. (Round to two decimal places. (b) The expected rate of appreciation on your home equity next year equals # ____% (c) TRUE OR FALSE? The lower the loan-to-value ratio, the higher the rate of appreciation on your home equity next year. This statement is _____11 years ago the Queen bought a property in Queens for $24,311. Today the property is worth $55,465. Estimate the average annual rate of growth over the years The geometric sequence, or compound interest model should be used here, and we assume the growth was assessed annually. Enter answer as a whole number without the % sign. For example, if the answer is 25.8%, enter 26. 25A family spends $30,000 a year for living expenses. If prices increase by 5 percent a year for the next three years, what amount will the family need for their living expenses after three years?