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The annual average price per square foot for office space in a city was $30.64 in 2004, and it was $67.22 in 2015. Complete parts (a) through (c) below. (a) Find an exponential function of the form f(t) = y,b' to model these data in which t= 0 corresponds to 2004. f(t) = (Use integers or decimals for any numbers in the expression. Round to the nearest thousandth as needed.) (b) If the model remains accurate, what was the predicted rent per square foot in 2016? If the model remains accurate, the predicted rent per square foot in 2016 was $ (Round to the nearest hundredth as needed.) (c) By experimenting with different values (or using a graphing calculator to solve an appropriate equation), estimate the first full year in which the price per square foot exceeded S47. The first full year in which the price per square foot exceeded $47 was (Type a whole number.)

The annual average price per square foot for office space in a city was $30.64 in 2004, and it was $67.22 in 2015. Complete parts (a) through (c) below. (a) Find an exponential function of the form f(t) = y,b' to model these data in which t= 0 corresponds to 2004. f(t) = (Use integers or decimals for any numbers in the expression. Round to the nearest thousandth as needed.) (b) If the model remains accurate, what was the predicted rent per square foot in 2016? If the model remains accurate, the predicted rent per square foot in 2016 was $ (Round to the nearest hundredth as needed.) (c) By experimenting with different values (or using a graphing calculator to solve an appropriate equation), estimate the first full year in which the price per square foot exceeded S47. The first full year in which the price per square foot exceeded $47 was (Type a whole number.)

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.5: Exponential And Logarithmic Models
Problem 30E: The table shows the mid-year populations (in millions) of five countries in 2015 and the projected...
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24 of 25 (16 complete) The annual average price per square foot for office space in a city was $30.64 in 2004, and it was $67.22 in 2015. Complete parts (a) through (c) below. (a) Find an exponential function of the form f(t) = y,b' to model these data in which t=D0 corresponds to 2004. f(t) = (Use integers or decimals for any numbers in the expression. Round to the nearest thousandth as needed.) (b) If the model remains accurate, what was the predicted rent per square foot in 2016? If the model remains accurate, the predicted rent per square foot in 2016 was $ (Round to the nearest hundredth as needed.) (c) By experimenting with different values (or using a graphing calculator to solve an appropriate equation), estimate the first full year in which the price per square foot exceeded $47. The first full year in which the price per square foot exceeded $47 was (Type a whole number) Enter your answer in each of the answer boxes. O Escribe aquí para buscar の hp
Transcribed Image Text:24 of 25 (16 complete) The annual average price per square foot for office space in a city was $30.64 in 2004, and it was $67.22 in 2015. Complete parts (a) through (c) below. (a) Find an exponential function of the form f(t) = y,b' to model these data in which t=D0 corresponds to 2004. f(t) = (Use integers or decimals for any numbers in the expression. Round to the nearest thousandth as needed.) (b) If the model remains accurate, what was the predicted rent per square foot in 2016? If the model remains accurate, the predicted rent per square foot in 2016 was $ (Round to the nearest hundredth as needed.) (c) By experimenting with different values (or using a graphing calculator to solve an appropriate equation), estimate the first full year in which the price per square foot exceeded $47. The first full year in which the price per square foot exceeded $47 was (Type a whole number) Enter your answer in each of the answer boxes. O Escribe aquí para buscar の hp
Expert Solution
Given,

The price per square foot in 2004 is $30.64 and in 2015 is $67.22

a).

Since the price in 2004 is $30.64, therefore put t=0  &  ft=30.64 in ft=y0 bt, we get

⇒30.64=y0 b0⇒30.64=y01⇒y0=30.64

Now since the price in 2015 is $67.22, therefore put t=2015-2004=11  &  ft=67.22 in ft=y0 bt, we get

⇒67.22=30.64b11⇒b11=2.193864⇒b=1.074036⇒b≈1.074

Therefore required function is,

ft=30.641.074t

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