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valentinak56 [21]
3 years ago
12

A three-bedroom house in North Augusta sold for $190,000. If housing prices are expected to increase 1.8% annually in that town,

write an function models the price of the house in t years. Find the price of the house in 5 years.
Mathematics
1 answer:
Ivahew [28]3 years ago
3 0

Answer:

we know that the initial price of the house is $190,000.

We also know that the expected increase is 1.8%, this means that the year zero we have no increase; the price is $190,000.

one year after we have an increase of the 1.8% (or 0.018 in decimal form), this means that the new price is:

$190,000 + $190,000*0.018 = $190,000*(1.018)

another year after, we have:

$190,000*(1.018)*(1.018) = $190,000*(1.018)^2

and etc

The function that models the price as a function of the years, represented as y, is:

P(y) = $190,000*(1.018)^y

If we want to know the price in 5 years, we need to replace y = 5 in the equation:

p(5) = $190,000*(1.018)^5 = $207,726.80

Step-by-step explanation:

hope this helps you

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