Question

At the start of 2014 lucy’s House was worth £200,000. the value of the house increased by 5% every year . Work out the value of her house at the start of 2017That’s the start of 2014 Lucy’s house was worth £200,000 the value of the house increased by 5% every year work out the value of her house at the start of 2017

Answer 1

Answer:

£231,525

Step-by-step explanation:

In this question you have to do compound interest.

First Year:

5/100× £200,000

= £10,000

Second Year:

5/100×£210,000

= £10,500

Third Year:

5/100×£220,500

= £11,025

£200,000+£10,000+£10,500+£11,025

= £231,525

2017= £231,525

Answer 2

By the end of 2014, the value was 210,00

By the end of 2015, the value was 220,00

By the end of 2016, the value was 230,00

Lastly, by the end of 2017, the value was 240,000