Original cost of the land = $27,500
The land appreciates in value by 2.9% each year.
After 1 year, the value is
$27500*(1 + 0.029) = $27500*1.029
After 2 years, the value is
$27500*1.029*1.029 = $27500*(1.029²)
By induction, the value after n years is
$27500*(1.029ⁿ)
After 9 years (n=9), the value is
$27500*(1.029⁹) = $35,568.95
Answer: The value after 9 years is $35,568.95
