One investment property has a current value of $⁢250,000 , and historical information indicates that its value will increase by 2.4% annually. How long will it take the value to increase to $⁢288,230.38 ? Round to the nearest whole number if necessary.

Use the annual growth formula: 250,000 × (1.024)^t = 288,230.38. Dividing by 250,000 gives a growth factor of about 1.1529215, and (1.024)^6 is about 1.1529215. So it will take 6 years for the property’s value to reach $288,230.38; the correct choice is 6 years.

AI-written and checked against the verified answer.