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23 October, 18:39

A homes value increases at a average rate of 5.5% each yea. The current value is $120,000. What function can be used to find the value of the home after X years?

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  1. 23 October, 22:24
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    Answer: the function is

    A = 120000 (1.055) ^x

    Step-by-step explanation:

    A homes value increases at an average rate of 5.5% each year. The growth rate is exponential. We would apply the formula for exponential growth which is expressed as

    A = P (1 + r/n) ^ nt

    Where

    A represents the value of the home after t years.

    n represents the period of growth

    t represents the number of years.

    P represents the initial value of the home.

    r represents rate of increase in value.

    From the information given,

    P = 120000

    r = 5.5% = 5.5/100 = 0.055

    n = 1

    Therefore

    A = 120000 (1 + 0.055/1) ^ x * 1

    A = 120000 (1.055) ^x
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