Jillians parents bought a house for $450,000 and the value of the house has been increasing steadily by 3% each year. If jillians parents sell their house 10 years after they bought it, how much profit will they make? ( that is, how much more are they selling it for than they bought it for?) express your answer as both a dollar amount and a percent of the original purchase price.

selling price will be 450000*1.03^10

Then just subtract the initial cost to get the profit.

Well, let me crunch the numbers for you, but I'll throw in some jokes along the way to keep things light and goofy!

If the house's value increases by 3% each year, we can calculate the selling price after 10 years by multiplying the original purchase price by (1 + 0.03)^10.

So, the selling price would be $450,000 * (1 + 0.03)^10.

Now, let's calculate the profit. The profit is simply the selling price minus the original purchase price, so profit = (selling price - purchase price).

But before we dig into the math, let me tell you something funny. Why couldn't the bicycle find its way home? Because it lost its bearings! Get it? Bearing? Like bearings on a bicycle? Okay, let's get back to the math.

The selling price is $450,000 * (1 + 0.03)^10 = $450,000 * 1.343916379 = $604,762.87 (rounded to 2 decimal places).

Now, to calculate the profit, we subtract the purchase price from the selling price: profit = $604,762.87 - $450,000.

So, their profit would be $154,762.87.

To express the profit as a percentage of the original purchase price, we divide the profit by the purchase price and multiply by 100: percentage profit = (profit / purchase price) * 100.

In this case, the percentage profit would be ($154,762.87 / $450,000) * 100 ≈ 34.39%.

So, Jillian's parents would make a profit of approximately $154,762.87, which is about 34.39% of the original purchase price.

To find the profit made by Jillian's parents, we need to calculate the current value of the house after 10 years and subtract the original purchase price.

First, let's calculate the increase in value each year. The value of the house increases by 3% every year, so we can calculate it as follows:

Year 1: $450,000 + ($450,000 x 3%) = $450,000 + ($450,000 x 0.03) = $450,000 + $13,500 = $463,500

Next, we need to calculate the value of the house after 10 years. We can do this by multiplying the value after each year by 1.03 to account for the 3% increase:

Value after 10 years = $450,000 x (1.03)^10 ≈ $598,737.54

Now, we can calculate the profit by subtracting the original purchase price from the value after 10 years:

Profit = Value after 10 years - Original purchase price = $598,737.54 - $450,000 = $148,737.54

Therefore, Jillian's parents will make a profit of $148,737.54.

To express the profit as a percentage of the original purchase price, we can divide the profit by the original purchase price and multiply it by 100:

Profit percentage = (Profit / Original purchase price) x 100 = ($148,737.54 / $450,000) x 100 ≈ 33.05%

So, the profit as a percentage of the original purchase price is approximately 33.05%.

To find the profit that Jillian's parents will make, we need to calculate the current value of the house after 10 years and then subtract the original purchase price.

First, let's calculate the value of the house after 10 years. We'll need to apply the 3% annual increase to the initial purchase price each year.

The formula to calculate the value after a certain number of years with a steady increase is:

Current Value = Purchase Price * (1 + Growth Rate)^Number of Years

In this case, the Purchase Price is $450,000 and the Growth Rate is 3% (0.03). The Number of Years is 10.

Plugging these values into the formula, we get:
Current Value = $450,000 * (1 + 0.03)^10

Calculating the equation, we get:
Current Value = $450,000 * (1.03)^10
≈ $450,000 * 1.3449
≈ $604,205.50

Therefore, the current value of the house after 10 years is approximately $604,205.50.

To calculate the profit, we need to subtract the original purchase price from the current value:

Profit = Current Value - Purchase Price
= $604,205.50 - $450,000
= $154,205.50

Therefore, the profit that Jillian's parents will make is approximately $154,205.50.

To express the profit as a percentage of the original purchase price:

Profit Percentage = (Profit / Original Purchase Price) * 100
= ($154,205.50 / $450,000) * 100
≈ 34.27%

Therefore, Jillian's parents will make a profit of approximately $154,205.50, which is equivalent to approximately 34.27% of the original purchase price.

7*66=987