the value of a piece of land is increasing at a rate of 25% per annum. Find
it's value atler 5 years if its value is 2,00.000 today.
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Answer:
955/16%
Step-by-step explanation:
It is given that
Original price of the property (P) = 100
Rate of increase (r) = 25% p.a.
Period (n) = 3 years
We know that
Increased value after 3 years = P(1+r/100)
n
Substituting the values
=100(1+25/100)
3
By further calculation
=100×5/4×5/4×5/4
= 3125/16
Here
Increased value = 3125/16 - 100
Taking LCM
=(3125−1600)/16
=1525/16
So the percent increase after 3 years = 1525/16=955/16%
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