You are planning to invest in a hotel. It is projected that the price of investments in the area you considering will be increasing at a rate of 12% for the next few years. (a) Write an equation that represents the projected cost, H, of your hotel t years in the future, given that the hotel you are considering costs $360,000 today. (b) Use your equation in part a to project the cost of your investment 5 years from now. Round to the nearest cent. (c) Use your equation from part a to algebraically determine how long it will take for your investment to cost $800,000. Round your answer to the nearest hundredths place.
You are planning to invest in a hotel. It is projected that the price of investments in the area you considering will be increasing at a rate of 12% for the next few years. (a) Write an equation that represents the projected cost, H, of your hotel t years in the future, given that the hotel you are considering costs $360,000 today. (b) Use your equation in part a to project the cost of your investment 5 years from now. Round to the nearest cent. (c) Use your equation from part a to algebraically determine how long it will take for your investment to cost $800,000. Round your answer to the nearest hundredths place.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You are planning to invest in a hotel. It is projected that the price of investments in the area you considering will be increasing at a rate of 12% for the next few years.
(a) Write an equation that represents the projected cost, H, of your hotel t years in the future, given that the hotel you are considering costs $360,000 today.
(b) Use your equation in part a to project the cost of your investment 5 years from now. Round to the nearest cent.
(c) Use your equation from part a to algebraically determine how long it will take for your investment to cost $800,000. Round your answer to the nearest hundredths place.
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