Some time ago, julie purchased eleven acres of land costing $36,900. today, that land is valued at $214,800. how long has she owned this land if the price of the land has been increasing at 6 percent per year?
The formula is A=p (1+r)^t A future value 214800 P current value 36900 R rate of increases 0.06 T time? We need to solve for t T=log (A/p)÷log (1+r) T=log(214,800÷36,900)÷log(1+0.06) T=30 years
