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A couple purchased a home for $225,000. At the end of each year the home increases in value by 3%.

What is the value of the home after the tenth year?

Respuesta :

  • Principal=P=225000
  • Rate of interest=R=3%
  • Time=10=T

[tex]\\ \sf\longmapsto I=\dfrac{PRT}{100}[/tex]

[tex]\\ \sf\longmapsto I=\dfrac{225000(3)(10)}{100}[/tex]

[tex]\\ \sf\longmapsto I=22500(3)[/tex]

[tex]\\ \sf\longmapsto I=67500[/tex]

ashishdwivedilVT

The value of the home after the tenth year is 67500.

To find the value of the home after the tenth year?

What is simple interest?

Simple Interest (S.I.) is the method of calculating the interest amount for a particular principal amount of money at some rate of interest.

Given that:

Principal=P=$225000

Rate of interest=R=3%

Time=10 year

By the use of formula:

[tex]I=\frac{PRT}{100}[/tex]

[tex]I=\frac{225000*3*10}{100} \\\\I=22500*3\\\\I=67500[/tex]

So, the value of the home after the tenth year is 67500.

Learn more about simple interest here:

https://brainly.com/question/24433508

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