Question

....................................................................................

Answer 1

Answer: A 265100

Explanation:

Given:

t=5 years

Formula:

V= 220000(1.038)⁵ >plug into the calc: 220000 * 1.038^5

V= 265100

Answer is A. 265100

Answer 2

a) $265,100

Explanation:

Given equation:

`\boxed{V=220000(1.038)^x}`

where:

• V is the value of the home after x years.
• x is the number years.

The Lee family bought their home for $220,000 this year.

To find the value of the Lee family's home in 5 years, substitute x = 5 into the given equation and solve for V:

`\begin{aligned}x=5 \implies V&=220000(1.038)^5\\&=220000(1.20499922...)\\&=265099.829...\\&=\$265,100\;\sf(nearest\;dollar)\end{aligned}`

Therefore, the value of the Lee's family home in 5 years is $265,100 to the nearest dollar.