A) What was the annual growth rate between 1990 and 2000? rr = _________________ Round the growth rate to 4 decimal places. B) What is the correct answer to part A written in percentage form? rr = ___________________ %. C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2003 ? value = $_________________  Round to the nearest thousand dollars.

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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A house was valued at $115,000 in the year 1990. The value appreciated to $155,000 by the year 2000.

Use the compund interest formula S=P(1+r)tS=P(1+r)t to answer the following questions.


A) What was the annual growth rate between 1990 and 2000?
rr = _________________ Round the growth rate to 4 decimal places.


B) What is the correct answer to part A written in percentage form?
rr = ___________________ %.


C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2003 ?
value = $_________________  Round to the nearest thousand dollars.

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