Question

PLEASE HELP URGENT AND EXPLAIN FOR 25 POINTS MUST BE CORRECT Brielle bought an apartment building for $202,444. The value of the real estate appreciated at a constant rate per year. The table shows the value of the apartment building after the first and second years: Year 1 2 Value (in dollars) $212,566.20 $223,194.51 Which function best represents the value of the apartment building after t years? f(t) = 202,444(0.05)t f(t) = 202,444(1.05)t f(t) = 212,566.20(1.05)t f(t) = 212,566.20(0.05)t

Answer 1

f(t) = 202,444(1.05)^t

Explanation:

Simple Interest Rate Formula: A = P(1 + r)^t

A = final amount

P = principle amount

r = interest rate

t = time

Step 1: Find rate r

212,566.20 = 202,444(1 + r)¹

1.05 = (1 + r)¹

1.05 = 1 + r

r = 0.05

Step 2: Define variables

P = 202,444

r = 0.05

Step 3: Plug in variables into formula

A = 202,444(1 + 0.05)^t

A = 202,444(1.05)^t