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Question 1 15 pts (CHAPTER 7) For the calculations in this problem, increase decimal places for any intermediate calculations to, say, 6 or higher. The more the better! If you can do the math in Excel with correct referencing to cells with intermediate results - even better because Excel by default doesn't round anything. Given: You are considering the purchase of a property today for $350,000. You plan to finance it with an 80 percent loan. The annual appreciation rates on the property value in the next four years are expected to be 0%, 1%, 2%, and 3%, respectively. Expected home price in the next four years will equal_ dollars. (Fill out the table below. Do not use the "$" symbol. Round to the nearest dollar. E.g., 100,000.) in 1 year in 2 years in 3 years in 4 years 350,000 357035 371423 409451 Expected rate of appreciation in home equity (EAHE) in the next four years will equal %. (Fill out the table below. Do not use the "%" symbol. Round to 2 decimal places. E.g., if you got 12.34%, put 12.34. If the value is negative, don't forget to put a minus sign in front of your answer!) in 1 year in 2 years in 3 years in 4 years 0 0.02 0.06 0.17 Over the next four years, the arithmetic average EAHE equals percent. (Do not use the "%" symbol. Round to 2 decimal places. E.g., if you got 12.34%, put 12.34.) Over the next four years, the geometric average EAHE equals percent. (Do not use the "%" symbol. Round to 2 decimal places. E.g., if you got 12.34%, put 12.34.) If you plan to buy and own a house for multiple years, which of these two averages (arithmetic or geometric?) is more accurate in describing the year-by-year growth in your personal money? Your answer: (Put one word.)