Sheryl purchased a plot of land for $32,500. The land appreciates about 4.9% each year. What is the value of the land after eleven years? (3 points)Select one:a. $50,017.50b. $18,701.18c. $55.006.46d. $33,989.96
Accepted Solution
A:
So first, if we put this into equation form it will be y = 32,500(1.049)^11 because y is the value after 3 years, 32,500 is the original price, 1.049 is the constant multiplier, and 11 is the number of years passed. Now put this into a calculator to solve to get C, $55,006.46. Hope this helps!