Question

The average price (in dollars) to rent a studio in a certain city can be approximated by the equation p - 24.1t+575 where t is

the number of years since 2005. Solve this equation for t and use the new equation to determine approximately what
year it will be when the average price of a studio in this city reaches $1081.10.

Answer 1

69 years after 2005 which is in 2074 year the average price of a studio in this city will reach $1081.10.

Explanation:

Given:

Average Price to rent a studio is denoted by 'p'.

It is been approximated by equation:

`p-24.1t+575`

where t ⇒ number of years since 2005

Now given:

Average Price to rent a studio p = $1081.10

Substituting the value of p in above equation we get;

`1081.10-24.1t+575`

Solving the new equation to find the value of t we get;

`1656.1=24.1t`

Dividing both side by 24.1 we get;

`(1651.1)/(24.1) =(24.1t)/(24.1) \\\\t= 68.71 \approx 69 years`

Hence 69 years after 2005 which is in 2074 year the average price of a studio in this city will reach $1081.10.