Question

Answer the questions for the problem given below. The average price of a home in a town was $173,000 in 2007 but home prices are rising by 5% per year. a. Find an exponential function of the form Q=Q0​×(1+r)′ (where r>0) for growth to model the situation described. Q=$×(1+ (Type an integer or a decimal.)

Answer 1

To model the situation described, we can use the formula Q = Q0 × (1 + r)t, where Q0 is the initial quantity, r is the growth rate, and t is the time in years. In this case, the initial average price of a home in 2007 is $173,000 and the growth rate is 5% per year. The exponential function would be Q = $173,000 × (1 + 0.05)t.

Step-by-step explanation:

To find an exponential function to model the situation described, we can use the formula Q = Q0 × (1 + r)t, where Q0 is the initial quantity, r is the growth rate, and t is the time in years.

In this case, the initial average price of a home in 2007 is $173,000. The growth rate is 5% per year (or 0.05 as a decimal).

So, the exponential function for this situation would be Q = $173,000 × (1 + 0.05)t.