13.Case study.3

A landlord wants to work only 10 more years and then retire. The landlord currently has

$300,000 in the bank. The landlord plans to purchase a

$250, 000 apartment complex as an investment. The landlord also plans to invest the other

$50,000 and aim to have $1 million between the two investments to retire on.

1..... The apartment the landlord purchased has appreciated by

3.5% per year over the last 30 years.

Assuming this will continue, what would the future value of the

$250, 000 apartment be in 10 years?