The estimated value of the home in 2020 given its initial value and the rate of increase is $352,649.69.
What is estimated home value in 2020?
The home value appreciates in value with the passage of time: it increases as time goes by.
The formula for calculating future value:
FV = P (1 + r) ^n
- P = Present value
- R = interest rate
- N = number of years = 10 years
250,000 x (1.035)^10 = $352,649.69
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