The jimenez family inherited land that was purchased for $50,000 in 1967. The value of the land incr

The jimenez family inherited land that was purchased for $50,000 in 1967. The value of the land increased by approximately 4% per year. What is the approximate value of the land by the year 2016?

1967 to 2016 is 49 years.

So we have 341,667.47 using our compound interest calculator.