Evaluating an exponential function
The function gives the value of a home in dollars in the year 1980 + t. What was the value of the home in 1988? Round your answer to the nearest whole dollar amount and give units.
You would evaluate for t=8. The units should be dollars.
Your function should look like f(t)=Ke^t
So would the answer be 95850?
I didn't see the original function so I can't tell; I don't know the price in 1980 or the rate of appreciation.
The function gives the value of a home in dollars in the year 1980 + t. What was the value of the home in 1988? Round your answer to the nearest whole dollar amount and give units.
answer 98850
This part, "The function gives ..." seems to be referring to a specific function. Is there one given in the text?
You can start a new thread if this gets too long.
BTW, you should be aware that there is both a discrete and continuous version for exponential functions.
We can use A=Pe^(rt) or A=P(1+r)^t.
The first is the continuous and the second is the discrete. They will give slightly different values, but both are used. I'm not sure which your text expects you to use.
To evaluate the exponential function, we need to know the initial value of the home in 1980 and the rate of appreciation. Without this information, it is not possible to determine the exact value of the home in 1988.
However, if we assume that the function is of the form f(t) = Ke^t, where K is the initial value and t represents the number of years after 1980, we can still calculate an estimated value.
For t = 8 (1988 - 1980), we substitute this value into the function: f(8) = Ke^8.
Since we don't have the specific values for K and the rate of appreciation, we cannot accurately calculate the exact value. However, if you've been given a specific answer of 98850 dollars for the home value in 1988, then you can assume that this is the calculated estimation based on the given function, initial value, and rate of appreciation.