Elijah purchased a hoe for $123, 700. The home appreciates about 5.5% each year. What is the value of the home after 13 years?
*home
Future value = Current value x [1 - 0.55]^13
FV = 123,700 x .0.945^13
FV = 123,700 x 0.479306712
FV = $59,290.24.
The house APPreciates at 5.5 %
FV=PV(1+i)^n = 123,700 (1.055)^13 = $ 248,114.23
