Business Finance Homework Help

I’m studying for my Business class and need an explanation.

NOTE: You will need to round to two decimal places.  Also, the answers will be provided using excel functions. However, you may calculate the solutions by using calculator inputs.  For example, N=, i/yr=, PMT =, FV=, PV = depending on the requirements of the problem, you will solve for one of those variables and you must show the variables and values used.  Calculations should be included for all.

Gen. Robert E. Lee’s Boyhood Home is for Sale

The historic Virginia home that Confederate Gen. Robert E. Lee grew up in hit the market in April 2018 for $8.5 million. (Trapasso, C.)

Robert E. Lee’s father Henry rented the home in 1812, according to The Washington Post. The family lived there for over 80 years, including Robert E. Lee from age five to when he went to West Point in 1825. He again visited five years after the Civil War ended, The Post reported. (Leayman, E.)

The home’s other claim to fame is that President George Washington also dined and lodged there before the Lee family moved in. (Trapasso, C.)

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

The home had been used as a residence until 1966. The Stonewall Jackson Memorial Foundation purchased the home and opened it to the public. Unable to make ends meet, the foundation sold the home in 2000 to Mark and Ann Kington for $2.5 million. (Trapasso, C.)

The childhood home of Robert E. Lee that was listed in April 2018 for $8.5 million dollars, was sold in July 2020. Public records show it sold for almost half the original asking price at $4.7 million. (Alexandria Living Magazine.)

References

Alexandria Living (2020, July 24). After Two Years on the Market, Robert E. Lee’s Boyhood Home Sells for $4.7 Million, from https://alexandrialivingmagazine.com/home-and-garden/after-two-years-on-the-market-robert-e-lee%E2%80%99s-boyhood-home-se/

Zap, Claudine (2019, October 4). Price of General Robert E. Lee’s boyhood home slashed to $5.6 million, from https://www.foxnews.com/real-estate/general-robert-e-lees-home-5-6-million

Trapasso, C. (2018, April 3). Own Some Civil War-Era History: Gen. Robert E. Lee’s Boyhood Home is for Sale, from https://www.realtor.com/news/unique-homes/general-robert-e-lees-boyhood-home-sale/

Leayman, E. (2019, March 26). Robert E. Lee Boyhood Home Listed for Reduced Price. Retrieved April 2, 2019, from https://patch.com/virginia/oldtownalexandria/robert-e-lee-boyhood-homes-listed-reduced-price

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