SOLUTION: a house was purchased for 78,000.00. After 7 years the value of the house was 92,000.00. Express the house's value V(t) IN TERMS OF t in years

Algebra ->  Sequences-and-series -> SOLUTION: a house was purchased for 78,000.00. After 7 years the value of the house was 92,000.00. Express the house's value V(t) IN TERMS OF t in years      Log On


   

Question 1003575: a house was purchased for 78,000.00. After 7 years the value of the house was 92,000.00. Express the house's value V(t) IN TERMS OF t in years
Found 2 solutions by richard1234, josmiceli:
Answer by richard1234(7193) About Me  (Show Source):
You can put this solution on YOUR website!
No info given on how the value of the house changes over time. Does the value increase linearly, or exponentially, or perhaps fluctuate some other way (as it usually does in the real world)? All we know is that V(7) = 92000.

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
I will say that the house was puchased in year +0+
The end of the 1st year is year +1+
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+V%28t%29+=+m%2At+%2B+b+
+V%28t%29+ is plotted on the vertical axis
+t+ is plotted on the horizontal axis
+b+ is value of +V%280%29+
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+m+=+%28+92000+-+78000+%29+%2F+7+
+m+=+14000%2F7+
+m+=+2000+
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+V%280%29+=+2000%2A0+%2B+b+
+78000+=+0+%2B+b+
+b+=+78000+
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The equation is:
+V%28t%29+=+2000t+%2B+78000+