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Question 1: Calculate the annual compound growth rate of the house price since the house was sold to Mark and Ann Kington (since 2000) until the price for the house was reduced in October 2019. (The growth rate should be calculated to two decimals in percentage form. Round the number of years to the whole number). Please show your work.
Question 2: Assume that the growth rate you calculated in question #1 prevailed since Robert E. Lee's father Henry rented the home in 1812. Calculate the price of the house in 1812. (Round the number of years to the whole number). (TIP: To get the answer correctly you need to use the price of the house in your calculations in dollars with all zeros). Please show your work.
Question 3: Assume the growth rate that you calculated in #1 prevailed since 1795. Calculate the price of the house in 1795. (TIP: To get the answer correctly you need to use the price of the house in your calculations in dollars with all zeros). Please show your work.
Question 4: Assume that the growth rate you calculated in question #1 remains the same until the Stonewall Jackson Memorial Foundation purchased the home in 1966 and opened it to the public. Calculate the price of the house in 1966. (Round the number of years to the whole number). (TIP: To get the answer correctly you need to use the price of the house in your calculations in dollars with all zeros). Please show your work.
Question 5: In 2018, the listed price of the house was $8.5 million. In October 2019 the price was reduced to $5.6 million. Calculate the compound rate of this reduction in price. (The rate should be calculated to two decimals. Round the number of years to the whole number). Please explain you
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