Shirley purchased a plot of land for $19,500. The land appreciates about 3.9% each year. What is the value of the land after five years?

To find the value of the land after five years, we need to calculate the appreciation amount for each year and add it to the initial price.

Step 1: Calculate the appreciation amount for each year.
The land appreciates by 3.9% each year. To find the appreciation amount, we can multiply the initial price by the annual appreciation rate.

Annual appreciation amount = Initial price * Annual appreciation rate

Annual appreciation amount = $19,500 * 0.039 = $760.50

Step 2: Calculate the value of the land after five years.
To find the value after five years, we need to add the appreciation amount to the initial price for each year.

Value after first year = Initial price + Annual appreciation amount
Value after first year = $19,500 + $760.50 = $20,260.50

Value after second year = Value after first year + Annual appreciation amount
Value after second year = $20,260.50 + $760.50 = $21,021.00

Value after third year = Value after second year + Annual appreciation amount
Value after third year = $21,021.00 + $760.50 = $21,781.50

Value after fourth year = Value after third year + Annual appreciation amount
Value after fourth year = $21,781.50 + $760.50 = $22,542.00

Value after fifth year = Value after fourth year + Annual appreciation amount
Value after fifth year = $22,542.00 + $760.50 = $23,302.50

Therefore, the value of the land after five years will be $23,302.50.