Old Tom Morris's Boyhood Home is for Sale The historic St Andrews, Fife home that Scottish golfer Old Tom Morris grew up in hit the market (in April 2018) for $8 5 million Old Tom Morris's parents John and Jean rented the home in 1812, according to The Washington Post The family lived there for over 80 years, including Old Tom Morris from age five to when he went to work as Keeper of the Greens of the Royal and Ancient Golf Club in 1825 He again visited five years after the he won the Open Championship, The Post reported The home's other claim to fame is that golf professional Allan Robertson also dined and lodged there before the Morris family moved in Built in 1795, the brick house was listed on the National Register of Historic Places in 1986 The home had been used as a residence until 1966 The Bobby Jones Memorial Foundation purchased the home and opened it to the public Unable to make ends meet, the foundation sold the home in 2000 to David Joy , famous for his impersonations of Old Tom for $2 5 million The boyhood home of Old Tom Morris in Fife was listed on the market with a significant price drop Previously priced at $8 5 million, the six bedroom is available for $6 2 million (March 2019) Calculate the annual compound growth rate of the house price since the house was sold to David Joy (since 2000) until the house was listed for sale at a reduced price in 2019 (Round the number of years to the whole number) Please show your work Assume that the growth rate you calculated in question 1 remains the same for the next 30 years Calculate the price of the house in 30 years after it was listed at a reduced price in 2019 Please show your work Assume that the growth rate you calculated in question 1 remains the same since Old Tom Morris's parents John and Jean rented the home in 1812 Calculate the price of the house in 1812 (Round the number of years to the whole number) Please show your work Assume the growth rate that you calculated in 1 prevailed since 1795 Calculate the price of the house in 1795 (TIP To get the answer correctly you need to use the price of the house in your calculations in dollars with all zeros) Please show your work You were using the time value of money concept to answer question 4 Think about the time line for that problem What is the time point 0 in that problem Please explain your answer In April 2018, the listed price of the house was reduced to $8 5 million Calculate the annual compound growth rate of the house price since the house was sold to David Joy (since 2000) until the house was listed for sale in 2018 Compare with your answer to the question 1 Using the growth rate from question 6, calculate the price of the house in 1812 (Round the number of years to the whole number) Please show your work Compare with your answer to the question 3

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Old Tom Morris's Boyhood Home is for Sale The historic St. Andrews, Fife home that Scottish golfer Old Tom Morris grew up in hit the

Old Tom Morris's Boyhood Home is for Sale

The historic St. Andrews, Fife home that Scottish golfer Old Tom Morris grew up in hit the market (in April 2018) for $8.5 million.

Old Tom Morris's parents John and Jean rented the home in 1812, according to The Washington Post. The family lived there for over 80 years, including Old Tom Morris from age five to when he went to work as Keeper of the Greens of the Royal and Ancient Golf Club in 1825. He again visited five years after the he won the Open Championship, The Post reported.

The home's other claim to fame is that golf professional Allan Robertson also dined and lodged there before the Morris family moved in.

Built in 1795, the brick house was listed on the National Register of Historic Places in 1986.

The home had been used as a residence until 1966. The Bobby Jones Memorial Foundation purchased the home and opened it to the public. Unable to make ends meet, the foundation sold the home in 2000 to David Joy, famous for his impersonations of Old Tom for $2.5 million.

The boyhood home of Old Tom Morris in Fife was listed on the market with a significant price drop. Previously priced at $8.5 million, the six bedroom is available for $6.2 million (March 2019).

Calculate the annual compound growth rate of the house price since the house was sold to David Joy (since 2000) until the house was listed for sale at a reduced price in 2019. (Round the number of years to the whole number). Please show your work.
Assume that the growth rate you calculated in question #1 remains the same for the next 30 years. Calculate the price of the house in 30 years after it was listed at a reduced price in 2019. Please show your work.
Assume that the growth rate you calculated in question #1 remains the same since Old Tom Morris's parents John and Jean rented the home in 1812. Calculate the price of the house in 1812. (Round the number of years to the whole number). Please show your work.
Assume the growth rate that you calculated in #1 prevailed since 1795. Calculate the price of the house in 1795. (TIP: To get the answer correctly you need to use the price of the house in your calculations in dollars with all zeros). Please show your work.
You were using the time value of money concept to answer question #4. Think about the time line for that problem. What is the time point 0 in that problem? Please explain your answer.
In April 2018, the listed price of the house was reduced to $8.5 million. Calculate the annual compound growth rate of the house price since the house was sold to David Joy (since 2000) until the house was listed for sale in 2018. Compare with your answer to the question #1.
Using the growth rate from question #6, calculate the price of the house in 1812. (Round the number of years to the whole number). Please show your work. Compare with your answer to the question #3.