Question

the mendez family just bought a home for 180,000 dollars if the value of the home increases at a rate of 3% per year use an exponential function to find the approximate value of the home after 10 years

Answer 1

The approximate value of home after 10 years is $241,905

Explanation:

Given as :

The purchased price of home = $180,000

The value of home increases at the rate = 3%

Let The value of home after 10 years = $x

The time period = 10 years

Now, According to question

The value of home after n years = The purchased price of home ×
`(1+(\textrm rate)/(100))^(\textrm time)`

Or, The value of home after 10 years = $180,000 ×
`(1+(\textrm 3)/(100))^(\textrm 10)`

Or, $x = $180,000 ×
`(1.03)^(10)`

Or, $x = $180,000 × 1.343916379

Or, $x = $241,904.94

So, The value of home after 10 years = x = $241,905

Hence, The approximate value of home after 10 years is $241,905 Answer