Question

jane bought some land costing $15,440. today, that same land is valued at $44,917. how long has jane owned this land if the price of land has been increasing at 6 percent per year?

Answer 1

$15,440(1.06^t) = $44,917

1.06^t = 44,917/15,440

t ln 1.06 = ln(44,917/15,440)

t = about 18.33 years