Property in Suburbs Closer to the City Is Appreciating About

question 96

Multiple Choice

Property in suburbs closer to the city is appreciating about 7.5% annually.If this trend continues, what will a $40,000 one-acre lot be worth in five years? Give the result to the nearest dollar.

• A)$58,659
• B)$58,637
• C)$57,425
• D)$61,746
• E)$58,042

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Definitions:

Negative Exponential

A statistical distribution often used to model the time between independent events that happen at a constant average rate.

Poisson

A probability distribution that represents the likelihood of a certain number of events happening within a specified time or space interval.

Probability Distributions

Statistical functions that describe all the possible values and likelihoods that a random variable can take within a given range.

Multichannel

Multichannel refers to the use of multiple means or platforms to interact with consumers or conduct business, including physical locations and online presence.