The land will be incremented worth $535500 in the year 2041.
Given that,
You have inherited land that was bought in 2024 for $30,000 from a previous generation. The value of the land typically increases by 5% yearly.
The amount is $30000.
Increment = 5%
Period is 17 years, or 2041 to 2024.
The value is multiplied by 1+5% per year, which equals 1.05
It has been multiplied by that factor 17 times after 17 years.
So,
The formula is
Sum + Increment + Number of Years
= $30,000 * 1.05 *17
= $535500
As a result, $535500 is the anticipated value of the land in 2041.
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