Question

the mendez family just bought a home for 180,000 dollars if the value of the home increases at a rate of 3% per year use an exponential function to find the approximate value of the home after 10 years

Answer 1

Answer:

The approximate value of home after 10 years is $241,905

Step-by-step explanation:

Given as :

The purchased price of home = $180,000

The value of home increases at the rate = 3%

Let The value of home after 10 years = $x

The time period = 10 years

Now, According to question

The value of home after n years = The purchased price of home × $(1+\dfrac{\textrm rate}{100})^{\textrm time}$

Or, The value of home after 10 years = $180,000 × $(1+\dfrac{\textrm 3}{100})^{\textrm 10}$

Or, $x = $180,000 × $(1.03)^{10}$

Or, $x = $180,000 × 1.343916379

Or, $x = $241,904.94

So, The value of home after 10 years = x = $241,905

Hence, The approximate value of home after 10 years is $241,905 Answer