Algebra 2- Word problem. Please help.?
The Mendes family bought a new house 10 years ago for $120,000. The house is now worth $191,000. 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)
Update:If you don't know the answer, don't bother commenting. Thanks.
Comments
since yearly rate of appreciatio has been asked for, we use blocks of 1 year
A = P(1+ r)^n
plugging in, 191,000 = 120,000(1+r)^10
(1+r)^10 = (191/120)
(1+r) = (191/120)^(1/10) = 1.04758
r = 0.04758
= 4.76% to 2 dp
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wish I could help u:(
i dont know