rate of 8 percent per year. Suppose the value of a house increases at an annual growth If the value of the house in the year 2000 was estimated at $93,800...

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 6SC
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Suppose the value of a house increases at an annual growth rate of 8 percent per year.
If the value of the house in the year 2000 was estimated at $93,800...
(a) Find a function that models the house's value t years after 2000 (t = 0 for 2000).
Your answer is P(t) =
(b) Use the function from part (a) to estimate the value of the house in the year 2015.
Round to the nearest dollar $
Transcribed Image Text:Suppose the value of a house increases at an annual growth rate of 8 percent per year. If the value of the house in the year 2000 was estimated at $93,800... (a) Find a function that models the house's value t years after 2000 (t = 0 for 2000). Your answer is P(t) = (b) Use the function from part (a) to estimate the value of the house in the year 2015. Round to the nearest dollar $
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