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Some time ago, tracie purchased 11 acres of land costing $77,900. today, that land is valued at $54,800. how long has she owned this land if the price of the land has been decreasing by 3.5 percent per year?

Respuesta :

Amount of land = 11 acres
Purchase price of land = $77,900
Land is now valued at = $54,800
Land decreasing = 3.5%

To solve for time she's owned the land: 
Current value = (purchase price) [1 + (land decreasing)]t
$54,800 = ($77,900) x [1 + (-.035)]t
T = 9.87 years
Tracie is coming up on her 10th year of owning the land.  

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