Athree-bedroom house in burbville sold for $190,000. if housing prices are expected to increase 1.8% annually in
that town, write an explicit formula that models the price of the house in tt years. find the price of the house in 5
years.

Hello there!

we know that the initial price of the house is $190,000.

We also know that the expected increase is 1.8%, this means that the year zero we have no increase; the price is $190,000.

one year after we have an increase of the 1.8% (or 0.018 in decimal form), this means that the new price is:

$190,000 + $190,000*0.018 = $190,000*(1.018)

another year after, we have:

$190,000*(1.018)*(1.018) = $190,000*(1.018)^2

and etc

The function that models the price as a function of the years, represented as y, is:

P(y) = $190,000*(1.018)^y

If we want to know the price in 5 years, we need to replace y = 5 in the equation:

p(5) = $190,000*(1.018)^5 = $207,726.80

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i think the answer is true

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