If the value of your house is $263,000 today and inflation is constant at 10.8% annually, what will be its value, to the nearest thousand dollars, in 13 years?
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The formula S=C(1+r)^t models inflation, where C= the value today, r= the annual inflation rate, and S=the inflated value t years from now. Use this formula to solve. Round your answer to the nearest dollar.
If the inflation rate is 6%, how much will a house now worth $465,000 be worth in 10 years?
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S=C(1+r)^t
C=465,000
r=6% , = 0.06
Step-by-step explanation:
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