A house costs $145,000 and it is appreciating by 14%. How much will it be worth 3 months from now? How much will it be worth 1 year from now?

Algebra 2

A house costs $145,000 and it is appreciating by 14%. How much will it be worth 3 months from now? How much will it be worth 1 year from now?

Algebra 2

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Olney, MD

I'm assuming the 14% is per year rather than per month. The monthly appreciation rate, then, would be 0.14/12 = .01167

House Worth = (Initial Cost)*(1 + 0.01167)^{m} = ($145,000)*(1.01167)^{m}

Where m = months. Just plug in m=3 to compute the home's value in 3 months, and m=12 to compute its value in 12 months (1 year)

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If the 14% is per month, then the formula would be (Initial Cost)*(1 + 0.14)^{m}

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