Question

The equation p = 1.65t² + 18.25t + 155 approximates the average sale price p of a house (in thousands of dollars) for years t since 2010.

What is the best estimate for the price of the house in year 2018?




$364,000

$407,000

$427,000

$453,000

Answer 1

The correct option is 2. The best estimate for the price of the house in year 2018 is $407,000.

Explanation:

The given equation is

`p = 1.65t^2+18.25t+155`

Where p is the average sale price of house (in thousands of dollars) and t is number of years since 2010.

We have to find the best estimate for the price of the house in year 2018. The difference between 2018 and 2010 is 8 years.

Substitute t=8.

`p = 1.65(8)^2+18.25(8)+155`

`p = 1.65(64)+18.25(8)+155`

`p=406.6`

`p\approx 407`

Therefore the estimate for the price of the house in year 2018 is 407 thousand dollars, i.e.,$407,000. Option 2 is correct.