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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Price of a House The median price of a house in Orange County increases by about 6 % per year. In 2002 the median price was $ 240 , 000 . Let P n be the median price n years after 2002 .

(a) Find a formula for the sequence P n .

(b) Find the expected median price in 2010 .

To determine

a)

To find:

The formula for the median price n years after 2002.

Explanation

Given:

The median price of a house in 2002 was $240,000.

The price of a house increases 6% per year.

Approach:

Relate median price after n years to median price after (n1) years using the given information that median price increases each year by 6%.

Calculation:

Median price after (n1) months is Pn1. The increment by 6% changes median price to Pn=(1+06/100)Pn1=1.06Pn1

Then,

To determine

b)

To find:

The expected median price in 2010.

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Chapter 13 Solutions

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