As a result of inflation, the worth of the house today is $619,149.51.
What is inflation?
Inflation is the persistent rise in the general price levels. As a result of inflation, the value of the house would increase overtime.
What is the worth of the house?
The formula for calculating future value:
FV = P (1 + r)^n
Where:
FV = Future value
P = Present value
R = interest rate
N = number of years
$160,000x (1.07)^20 = $619,149.51
To learn more about future value, please check: https://brainly.com/question/18760477
