Chapter 11.5, Problem 86E

New York City Housing Costs: Uptown The average price of a two-bedroom apartment in uptown New York City during the real estate boom from 1994 to 2004 can be approximated by

$p\left(t\right)=0.14e^{0.10t}\text{ million dollars }\left(0\le t\le 10\right),$

` where t is time in years. ( $t=0$ represents1994.) What was the average price of a two-bedroom apartment in uptown New York City in 2002, and how fast was the price increasing? (Round your answers to two significant digits.) [HINT: See Quick Example 14.]