Answer:
The home would be worth $249000 during the year of 2012.
Step-by-step explanation:
The price of the home in t years after 2004 can be modeled by the following equation:
In which P(0) is the price of the house in 2004 and r is the growth rate.
Since 2003 median home prices in Midvale, UT have been growing exponentially at roughly 4.7 % per year.
This means that
$172000 in 2004
This means that
What year would the home be worth $ 249000 ?
t years after 2004.
t is found when P(t) = 249000. So
2004 + 8.05 = 2012
The home would be worth $249000 during the year of 2012.