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Alinara [238K]
3 years ago
12

The value of a home is $899,000 and increasing in value at a rate of 1% per year. Use an exponential growth function to find the

approximate value of the home in 12 years.
Mathematics
1 answer:
Tema [17]3 years ago
7 0

Answer:

$1012993.2

Step-by-step explanation:

Given data

Cost of home V= $899,000

Rate of increase= 1%

Time= 12 years

The exponential growth function is expressed as

A=V(1+r)^t

A=899000(1+0.01)^12

A= 899000(1.01)^12

A= 899000*1.1268

A=$1012993.2

Hence the cost of the home will be $1012993.2

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