A house was valued at $100,000 in the year 1993. The value appreciated to $170,000 by the year 2003. Use the compound interest formula S = P(1 + r) to answer the following questions.
A) What was the anndal growth rate between 1993 and 2003?
Round the growth rate to 4 decimal places.
BOO
lo
T =
B) What is the correct answer to part A written in percentage form?
%.
T=
C) Assume that the house value continues to grow by the same percentage. What will the value equal in
the year 2008 ?
value = $
Round to the nearest thousand dollars.