Question

At the start of 2014 Tim's house is worth ?100000. The value of the house increase by 10% every years work out the value of his house at the start 2018

Answer 1

Answer:

Worth of Tim's house in 2018 = 146410 $

Explanation:

Worth of house in 2014 =  $100000

Raise in worth per year = 10 % = 0.1

Worth of house in 2015 = 100000 + 0.1 * 100000 = 110000 $

Worth of house in 2016 = 110000 + 0.1 * 110000 = 121000 $

Worth of house in 2017 = 121000 + 0.1 * 121000 = 133100 $

Worth of house in 2018 = 133100 + 0.1 * 133100 = 146410 $

So, worth of Tim's house in 2018 = 146410 $

Easy Method;

   No of years considering = 4

   Initial worth = $100000

   Rate of increase = 0.1

   Final worth  $=100000(1+0.1)^4=146410$

Worth of Tim's house in 2018 = 146410 $

Answer 2

The value of Tim's house at the start of 2018 will be $ 146,410.

Given that at the start of 2014 Tim's house is worth $ 100000, and the value of the house increase by 10% every year, to determine the value of his house at the start of 2018 the following calculation must be performed:

• 100,000 x 1.10 ^ (2018 - 2014) = X
• 100,000 x 1.10 ^ 4 = X
• 100,000 x 1,4641 = X
• 146,410 = X

Therefore, the value of Tim's house at the start of 2018 will be $ 146,410.

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