The following table shows the average price of a two-bedroom apartment in downtown New York City during the real estate boom from 1994 to 2004.† t 0 (1994) 2 4 6 8 10 (2004) Price ($ million) 0.38 0.40 0.60 0.95 1.20 1.60 (a) Use exponential regression to model the price P(t) as a function of time t since 1994. (Round the coefficients to 3 decimal places.) P(t) = Select a sketch of the points and the regression curve. b) Extrapolate your model to estimate the cost of a two-bedroom downtown apartment in 2005. (Round your answer to one decimal place.)$ million

The following table shows the average price of a two-bedroom apartment in downtown New York City during the real estate boom from 1994 to 2004.† t 0 (1994) 2 4 6 8 10 (2004) Price ($ million) 0.38 0.40 0.60 0.95 1.20 1.60 (a) Use exponential regression to model the price P(t) as a function of time t since 1994. (Round the coefficients to 3 decimal places.) P(t) = Select a sketch of the points and the regression curve. b) Extrapolate your model to estimate the cost of a two-bedroom downtown apartment in 2005. (Round your answer to one decimal place.)$ million

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.8: Fitting Exponential Models To Data

Problem 1TI: Table 2 shows a recent graduate’s credit card balance each month after graduation. a. Use...

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t	0 (1994)	2	4	6	8	10 (2004)
Price ($ million)	0.38	0.40	0.60	0.95	1.20	1.60


	b) Extrapolate your model to estimate the cost of a two-bedroom downtown apartment in 2005. (Round your answer to one decimal place.)