What is a= ?? The median price, P, of a home rose from $80 thousand in 1980 to $

Question

What is a= ??

The median price, P, of a home rose from $80 thousand in 1980 to $240 thousand in 2000. Let t be the number of years since 1980. (a) Assume the increase in housing prices was linear. Give an equation for the line representing price, P, in terms of t. Use this equation to complete the table below. Note: P is measured in thousands. P(t) = [8t + 80] (b) If instead the housing prices increased exponentially, find an equation of the form P = Poa^t to represent housing prices. Again, P is measured in thousands. (Round your answer for a to 6 decimal places.) Po = [8O] What is a= ??

Explanation / Answer

(0 , 80) and (20 , 240)

P = P0 * a^t

P = 80 * a^t

Plug in (20 , 240) :

240 = 80 * a^20

240/80 = a^20

3 = a^20

a = 3^(1/20)

a = 1.056467 ---> answer

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