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devoshay12 devoshay12
  • 27-06-2016
  • Mathematics
Answered

The Mendes family bought a new house 5 years ago for $100,000. The house is now worth $198,000. Assuming a steady rate of growth, what was the yearly rate of appreciation?

Verified Answer :

Seanellem Seanellem
  • 27-06-2016

(new amount-old amount)=(198,000)-(100,000)=98% increase

98/5 years=19,600
Yr 1=$100,000+19,600=$119,600
Yr 2=$119,600+19,600=$139,200
Yr 3=$139,200+19,600=$158,800
Yr 4=$158,800+19,600=$178,400
Yr 5=$178,400+19,600=$198,000

The mortgage grew at a steady rate of $19,600 over the 5 years...

HOPE THIS HELPS :)

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