Description
The Kwans are planning to buy a house 6 years from now. Housing experts in their area have estimated that the cost of a home will increase at a rate of 6%/year during that period. If this economic prediction holds true, how much can the Kwans expect to pay for a house that currently costs $160,000?
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Explanation & Answer
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Multiply the current cost by 1.06^6 because this represents a 6 percent increase in the price for the six year span.
160,000*1.06^6=240,580
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