A house was valued at $95,000 in the year 1988. The value appreciated to $170,000 by the year 2007. A) If the value is growing exponentially, what was the annual growth rate between 1988 and 2007? Round the growth rate to 4 decimal places. r = B) What is the correct answer to part A written in percentage form? r = 3 %.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
icon
Related questions
Question
A house was valued at $95,000 in the year 1988. The value appreciated to $170,000 by the year 2007.
A) If the value is growing exponentially, what was the annual growth rate between 1988 and 2007?
Round the growth rate to 4 decimal places.
r =
B) What is the correct answer to part A written in percentage form?
r = 3
%.
Transcribed Image Text:A house was valued at $95,000 in the year 1988. The value appreciated to $170,000 by the year 2007. A) If the value is growing exponentially, what was the annual growth rate between 1988 and 2007? Round the growth rate to 4 decimal places. r = B) What is the correct answer to part A written in percentage form? r = 3 %.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning