Question 1021071: A $100,000 house appreciates at a rate of $3500 a year.
a.Find the equation that models the value of the house in y dollars after x years.
b.Find the value of the house in 12 years.
c.How many years from now will the value of the house be $124,500?
Answer by Cromlix(4381)   (Show Source):
You can put this solution on YOUR website! Hi there,
3500/100,000 x 100 = 3.5%
3.5% appreciation = 100 + 3.5
= 103.5% = 1.035/100 = 1.035
a) y x 1.035^x
b) $100,000 x 1.035^12
$151,106.87.
c) $124,500 = 100,000 x 1.035^x
124,500/100,000 = 1.035^x
1.245 = 1.035^x
log 1.245 = x log1.035
x = log 1.245/log 1.035
x = 6.37 years
Hope this helps :-)
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