A house was valued at $120,000 in the year 1994. The value appreciated to $170,000 by the year 2007. A) If the value is growing exponentially, what was the annual growth rate between 1994 and 2007? r = 0.026 X Round the growth rate to 4 decimal places. B) What is the correct answer to part A written in percentage form? r = 2.64 X%. C) Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2010 ? value = $ 214880 X Round to the nearest thousand dollars. Question Help: Video 1 D Video 2 Submit Question

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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**Problem Scenario:**

A house was valued at $120,000 in the year 1994. The value appreciated to $170,000 by the year 2007.

**Questions and Solutions:**

**A)** If the value is growing exponentially, what was the annual growth rate between 1994 and 2007?
   - \( r = 0.026 \) 
   - Round the growth rate to 4 decimal places.

**B)** What is the correct answer to part A written in percentage form?
   - \( r = 2.64 \% \)

**C)** Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2010?
   - value \( = \$214880 \)
   - Round to the nearest thousand dollars.

**Additional Resources:**

- **Question Help:**
  - ![Video 1](#)
  - ![Video 2](#)

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- [Submit Question](#) (Button)

The image features a mathematical problem involving the exponential growth of house values, asking for the calculation of growth rate and future value predictions. No graphs or diagrams are present.
Transcribed Image Text:**Problem Scenario:** A house was valued at $120,000 in the year 1994. The value appreciated to $170,000 by the year 2007. **Questions and Solutions:** **A)** If the value is growing exponentially, what was the annual growth rate between 1994 and 2007? - \( r = 0.026 \) - Round the growth rate to 4 decimal places. **B)** What is the correct answer to part A written in percentage form? - \( r = 2.64 \% \) **C)** Assume that the house value continues to grow by the same percentage. What will the value equal in the year 2010? - value \( = \$214880 \) - Round to the nearest thousand dollars. **Additional Resources:** - **Question Help:** - ![Video 1](#) - ![Video 2](#) **User Interaction:** - [Submit Question](#) (Button) The image features a mathematical problem involving the exponential growth of house values, asking for the calculation of growth rate and future value predictions. No graphs or diagrams are present.
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