Question

Property value A piece of property sells for $64,000.The value of property doubles every 15 years.A model for the value V of the property t years after the date of purchase is

V(t) = 64,000(2)t/15.
Use the model to approximate the value of the property (a) 5 years and (b) 20 years after it is purchased.

Answer 1

a) $ 80635, b) $ 161270

Explanation:

The model after t years is represented by:

V(t) = 64,000(2)^t/15

a) when t was five years

V(t) = 64,000(2)^5/15 = approx $ 80635

b) when t is 20 years

V(t) = 64,000(2)^20/15 = approx $ 161270