Question

The average price of a house between the year 2000-2010
can be modeled by the following equation

y= 30000 + 2.2x2 / 1 + 0.23x2

where x is the number of years since 2000.
What was the average amount paid in 2005? Round your
answer to the nearest dollar.
$__.00

Answer 1

The average amount paid in 2005 is $4,452.6

The given equation for the average price;

$y = \frac{30000 \ + \ 2.2x^2}{1 \ + \ 0.23x^2}$

where;

x is defined as the number of years from 2000

The average amount paid from 2000 to 2005 is calculated as follows;

• Time period between 2000 and 2005 = 5 years
• The value of x = 5

Substitute 5 into the model equation given to determine the average amount paid;

$y = \frac{3000 0 + 2.2(5)^2}{1 + 0.23(5)^2} \\\\y = \ \ 4,452.6$

Thus, the average amount paid in 2005 is $4,452.6

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