A house was valued at $95,000 in the year 1991. The value appreciated to $165,000 by the year
2008.
Use the compound interest formula S = P(1 + r) to answer the following questions.
A) What was the annual growth rate between 1991 and 2008?
T =
Round the growth rate to 4 decimal places.
B) What is the correct answer to part A written in percentage form?
T =
%.
C) Assume that the house value continues to grow by the same percentage. What will the value
equal in the year 2011?
value = $
Round to the nearest thousand dollars.