Since 2003 median home prices in Midvale, UT have been growing exponentially at roughly 4.7 % per year. If you had purchased a house in Midvale, UT for $ 172000 in 2004 in what year would the home be worth $ 249000 ?

The home would be worth $249000 during the year of 2012.

Step-by-step explanation:

The price of the home in t years after 2004 can be modeled by the following equation:

In which P(0) is the price of the house in 2004 and r is the growth rate.

Since 2003 median home prices in Midvale, UT have been growing exponentially at roughly 4.7 % per year.

This means that

$172000 in 2004

This means that

What year would the home be worth $ 249000 ?

t years after 2004.

t is found when P(t) = 249000. So

2004 + 8.05 = 2012

The home would be worth $249000 during the year of 2012.

mental cunning

explanation:

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