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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

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).

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.

(Growth rate was 5%).

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