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Some time ago, Julie purchased eleven acres of land costing $14,890. Today, that land is valued...

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Question

Finance

Some time ago, Julie purchased eleven acres of land costing$14,890. Today, that land is valued at $71,805. How long has sheowned this land if the price of the land has been increasing at 6percent per year?

27.13 years

26.51 years

27.00 years

26.72 years

26.67 years

Answer & Explanation Solved by verified expert
4.3 Ratings (546 Votes)
Solution Answer is 3rd option 2700 years Working Notes Future value Present Value 1rt Future value today value of land 71805    See Answer
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