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A lot was purchased at 4, 000,000 Php and a house was built worth 2,000,000

Economics

A lot was purchased at 4, 000,000 Php and a house was built worth 2,000,000. 10years later at the end of the, useful life of the house, the house and lot was sold off at a price of 11,000,000. Land value increased by a steady 10% per year What would have been the worth of the house and lot if it was sold 5 years earlier.

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