Ahouse cost $120,000 when it was purchased. the value of the house increases by 10% each year. find the rate of growth each month and select the correct answer below.

The growth rate for each month is or 0.833%.

Step-by-step explanation:

It is given that the initial cost of house is $120,000.

The value of the house increases by 10% each year.

It means the growth rate is 10% per year.

The growth model is defined as

Where, P₀ is initial value, r is growth rate and t is time.

The growth model for given problem is

We know that

The value of house increased by $1000 per month.

Therefore growth rate for each month is or 0.833%.

step-by-step explanation:

subtract 7, so the answer is x < = 3, or c.