the thomas family had an opportunity to by 50 acres of land for $800 per acre. in the past the price of land had risen 3% per year. how long will it be before the land is worth $1000 per acre? explained

Given:

Initial value = $800 per acre

Growth rate = 3% per year

To find:

How long will it be before the land is worth $1000 per acre.

Solution:

The exponential growth model is:

Where, y is the new value, a is the initial value, r is the growth rate in decimal and t is the number of years.

Putting , we get

Taking log both sides, we get

Isolating the variable t, we get

Therefore, the land is worth $1000 per acre after 7.55 years.

step-by-step explanation:

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