The approximate value if the land in the year 2041 is $535500
Given that,
Land that was purchased in 2024 for $30,000 has been passed down to you. The land's value rises by 5% annually on average.
Amount = $30000
Increment =5%
Period = 2041 - 2024 = 17 years.
Each year, the value is multiplied by 1+5% = 1.05
After 17 years, it has been multiplied by that factor 17 times,
So,
The equation is
Amount * increment * total years
= $30,000 * 1.05 *17
= $535500
Consequently, the estimated value of the land in 2041 is $535500
To learn more about Increment click here:
brainly.com/question/2497559
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