A young couple purchases their first new home in 2002 for $105,000. They sell it to...

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A young couple purchases their first new home in 2002 for $105,000. They sell it to move into a bigger home in 2014 for $150,000. 1. First, we will develop an exponential model for the value of the home. The model will have the form V(t) Voekt. Let be years since 2002 and V(t) be the value of the home in thousands of dollars. 2002 and V(0) be the (a) What is the growth rate & for the model? What does that number mean? (b) What is the exponential model? (c) Predict the value of the home in 2020. (d) During what year will the value of the home reach $170.000? A young couple purchases their first new home in 2002 for $105,000. They sell it to move into a bigger home in 2014 for $150,000. 1. First, we will develop an exponential model for the value of the home. The model will have the form V(t) Voekt. Let be years since 2002 and V(t) be the value of the home in thousands of dollars. 2002 and V(0) be the (a) What is the growth rate & for the model? What does that number mean? (b) What is the exponential model? (c) Predict the value of the home in 2020. (d) During what year will the value of the home reach $170.000?

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a To find the growth rate k for the exponential model we can use the formula Vt V0ekt where Vt is th... View the full answer