SOLUTION TO CHAPTER 1
1. Ben Collins plans to buy a house for $65,000. If that real estate property is expected to increase in value 5 percent each year, what would its approximate value be seven years from now?
$65,000 ´ 1.407 = $91,455
2. Using the rule of 72, approximate the following:
a. If land in an area is increasing six percent a year, how long will it take for property values to double?
About 12 years (72 / 6)
b. If you earn ten percent on your investments, how long would it take for your . . .
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