the value of houses in livingston goes up by 7% each year. ben owns a house in livingston that is currently…

Explanation:

Step1: Identify the compound - growth formula

The formula for compound - growth is $A = P(1 + r)^t$, where $A$ is the final amount, $P$ is the initial amount, $r$ is the growth rate as a decimal, and $t$ is the number of years.

Step2: Convert the percentage to a decimal

The growth rate $r = 7%=0.07$, the initial value of the house $P = 281320$, and the number of years $t = 9$.

Step3: Substitute the values into the formula

$A=281320\times(1 + 0.07)^9$. First, calculate $(1 + 0.07)^9=1.07^9\approx1.838459$. Then, $A = 281320\times1.838459$. $A\approx281320\times1.838459 = 517394.3748$.

Step4: Round to the nearest cent

Rounding $517394.3748$ to the nearest cent gives $A\approx517394.37$.

Answer:

$517394.37$