Use any problem solving strategy to solve the following problem.The value of a house is expected to increase from its current value of $50,000 by 3%each year .What will the value of the house be after 3 years ?if you have $55,000 in 3 years ,will you have enough to buy the house??????????????

Value = 50,000 + 0.03*3*50,000=$54,500

To solve this problem, we can use the problem-solving strategy of breaking it down into steps. Let's start by finding the value of the house after 3 years and determining if $55,000 will be enough to buy it.

Step 1: Find the value of the house after 3 years
Given that the value of the house is expected to increase by 3% each year, we can calculate the value using the formula for compound interest.

Formula for compound interest:
Future Value = Present Value × (1 + Interest Rate)^Time

In this case, the Present Value is $50,000, the Interest Rate is 3%, and the Time is 3 years. Let's plug these values into the formula and solve for the Future Value:

Future Value = $50,000 × (1 + 0.03)^3
Future Value = $50,000 × (1.03)^3
Future Value ≈ $50,000 × 1.092727
Future Value ≈ $54,636.36

Therefore, the value of the house after 3 years would be approximately $54,636.36.

Step 2: Determine if $55,000 will be enough to buy the house
As we found in Step 1, the value of the house after 3 years would be approximately $54,636.36. If you have $55,000 in 3 years, then you'll have more than enough to buy the house.

Since $55,000 is greater than the value of the house after 3 years ($54,636.36), you will have enough money to buy the house.

In summary, the value of the house after 3 years would be approximately $54,636.36. And yes, if you have $55,000 in 3 years, you will have enough to buy the house.