Answer: £208,000
Step-by-step explanation:
Hi, to answer this question we have to apply an exponential growth function:
A = P (1 + r) t
Where:
p = original price
r = increase rate (decimal form)
t= years (2015-2010 =5 years)
A = price after t years
Replacing with the values given:
265,000 = p (1+ 0.05)^5
Solving for p
265,000 = p (1.05)^5
265,000 = p (1.05)^5
265,000/ (1.05)^5 =p
p = £207,634. =208,000 (rounded)
Feel free to ask for more if needed or if you did not understand something.
The equation that models the scenario is y = 12.95 + 14.95x
<h3>How to determine the linear equation?</h3>
The given parameters are:
Ranch charge = $12.95
Entrance fee = $14.95 per house
Represent the number of houses with x, and the total charge with y
So, we have:
y = Ranch charge + Entrance fee * x
This gives
y = 12.95 + 14.95x
Hence, the equation that models the scenario is y = 12.95 + 14.95x
Read more about linear equation at:
brainly.com/question/1884491
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