Cheryl bought her home three years ago for $217,000. Assuming her home appreciated at the 3% rate typical of her current market, how much is her home worth now

$237,121.76

Explanation:

Compounding is the computation of the future value of a present amount while the opposite of compounding which is the determination of a present value of a future amount is discounting. the relationship between present and future value is given as

Fv = Pv (1 + r)^n

where

Fv = future value

Pv = Present value

n = time

r = rate

Fv = 217000(1 + 0.03) ^3

= $237,121.76

The worth of the home purchased 3 year ago now is $237,121.76

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c

explanation: