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The value of home today is $ 424527.63
<em><u>Solution:</u></em>
Given that, Twenty years ago, Mr. Davis purchased his home for $160,000
Since then, the value of the home has increased about 5% per year
To find: Exponential function to find the value of home today
<em><u>The exponential growth function is given by:</u></em>
Where, "y" is the worth after "t" years
"a" is the initial amount
"r" is the rate of interest per year
From given information,
a = 160000
t = 20 years
Substituting the values we get,
Thus the exponential function is found
Let us find the value
Thus the value of home today is $ 424527.63