Question

In 2008 Stokely bought a condo that appreciated at a rate of 4% per year he bought the house for $240,000 he decided to sell it this year how much will he sell it for? What would be the Growth/decay rate, the independent variable, the dependent variable, the domain and range, and the starting point

Answer 1

Explanation:

Use the compound amount formula: A = P(1 + r)^t, where r is the annual interest rate as a decimal fraction, P is the initial amount of money, and t is the time in years. Then:

A = ($240,000)(1 + 0.04)^12 (that's 12 years past 2008)

= ($240,000)(1.04)^12 = $384,247.73

Growth rate: 4%, or 0.04

Independent variable: time (t)

Dependent variable: appreciated value of the house, A

Domain: [0, 30) (assuming that the house is sold within 30 years)

Range: [$240,000, infinity) (the house will never sell for an infinite price)