darman01Join Date: 2010-04-04
Post Count: 1186 |
A house was bought in the year 1963 for 5000 dollars. Over time, it's value increased by 3 percent. What is it's value now in the year 2016? |
|
darman01Join Date: 2010-04-04
Post Count: 1186 |
Bump |
|
|
Dang
ONLY DISHONORABLE NOOBLETS COMMIT SEPPUKU
|
|
Zonkman31Join Date: 2013-02-22
Post Count: 6471 |
About 6101 dollars |
|
|
|
7050?
{ THANKS BETHESDA! } { "Get out, and don't come back." -Tom, Interstellar } |
|
emphissJoin Date: 2013-04-02
Post Count: 3737 |
5150 |
|
|
@incog
Most crime was commited in that particular house.
Police calls it the "crime house"
ONLY DISHONORABLE NOOBLETS COMMIT SEPPUKU
|
|
xAshOaksJoin Date: 2012-01-21
Post Count: 192 |
26 cents |
|
|
|
|
problem: A house was bought in the year 1963 for 5000 dollars. Over time, it's value increased by 3 percent. What is it's value now in the year 2016?
Assumption annual interest increase:
2016-1963 = 53 years
initial = $5000
interest rate = 0.03
Final Price = 5000(1 + 0.03) ^ 53
Final Price = $23952.06 |
|
|
Well in all honesty a house built in 1963 would either rot away, be destroyed, or be refurbished as the government or people see fit. And the question is a little vague.
If you are saying that with each year it increases by 3% then the value would be 23,254.43$. If it only increases by 3% then the value would be 5,150$ and you also haven't told us what the house has been in through to give it it's increase in value.
With that said all I have to say is, the house must have been pretty bad to be worth only 5000$. |
|
|
|
Well I guess if you count inflation but without that then some of these answers could also be correct. |
|
|
My answer is right. He is clearly asking about a 3% annual increase because he mentioned the initial year and final year. If he only wanted to know 3% increase over the span of the years he would not have told us the dates. |
|
emphissJoin Date: 2013-04-02
Post Count: 3737 |
@jake
"over time it increased 3 percent"
he never said anything about annually, that's your own misconception of the problem. only do what is as instructed, this is why it can be confusing to some others, it's 5150. |
|
Zonkman31Join Date: 2013-02-22
Post Count: 6471 |
-65000 :》》》》¡¡ |
|
|
Well the original poster is an idiot for saying "In 1953 it was .. what is it in 2016?" |
|