Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from 2002 through 2014 (see figure) can be approximated by the model p ( t ) = { − 0.757 t 2 + 20.80 t + 127.2 , 2 ≤ t ≤ 6 3.879 t 2 − 82.50 t + 605.8 , 7 ≤ t ≤ 11 − 4.171 t 2 + 124.34 t − 714.2 , 12 ≤ t ≤ 14 where t represents the year, with t = 2 corresponding to 2002. Use this model to find the median sale price of an existing one-family home in each year from 2002 through 2014. ( Source: National Association of Realtors )
Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from 2002 through 2014 (see figure) can be approximated by the model p ( t ) = { − 0.757 t 2 + 20.80 t + 127.2 , 2 ≤ t ≤ 6 3.879 t 2 − 82.50 t + 605.8 , 7 ≤ t ≤ 11 − 4.171 t 2 + 124.34 t − 714.2 , 12 ≤ t ≤ 14 where t represents the year, with t = 2 corresponding to 2002. Use this model to find the median sale price of an existing one-family home in each year from 2002 through 2014. ( Source: National Association of Realtors )
Solution Summary: The author explains the function f, which is a well-defined relation between two variables so that for each and every value of independent and dependent variables, there exists only one value.
Median Sale Price The median sale price p (in thousands of dollars) of an existing one-family home in the United States from 2002 through 2014 (see figure) can be approximated by the model
p
(
t
)
=
{
−
0.757
t
2
+
20.80
t
+
127.2
,
2
≤
t
≤
6
3.879
t
2
−
82.50
t
+
605.8
,
7
≤
t
≤
11
−
4.171
t
2
+
124.34
t
−
714.2
,
12
≤
t
≤
14
where t represents the year, with
t
=
2
corresponding to 2002. Use this model to find the median sale price of an existing one-family home in each year from 2002 through 2014. (Source: National Association of Realtors)
3. We'd like to know the first time when the population reaches 7000 people. First, graph the
function from part (a) on your calculator or Desmos. In the same window, graph the line y =
7000. Notice that you will need to adjust your window so that you can see values as big as
7000! Investigate the intersection of the two graphs. (This video shows you how to find the
intersection on your calculator, or in Desmos just hover the cursor over the point.) At what
value t> 0 does the line intersect with your exponential function? Round your answer to two
decimal places. (You don't need to show work for this part.) (2 points)
Suppose the planet of Tattooine currently has a population of 6500 people and an annual growth rate of
0.35%. Use this information for all the problems below.
1. Find an exponential function f(t) that gives the population of Tattooine t years from now. (3
points)
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
%.
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