7. (5 pts) The home-ownership rate is the percentage of households that are owne

Question

7. (5 pts) The home-ownership rate is the percentage of households that are owner-occupied. Based on data of U.S. home-ownership rates in the second half of the twentieth century, the following logarithmic model was determined: h(1)-375.2 In()-28 15.4, where 1-year and h(1)-home-ownership rate, in percent. (Note that "In" refers to the natural log function) (no explanation required) Using the above model, what was the home-ownership rate in 1990, to the nearest tenth of a percent? Show some work.

Explanation / Answer

t = o in 1950

So for 1990, t = 40

Hance h(t) = 375.2ln(t) -2815.4

For 1990 t= 40

h(40) = 375.2ln(40)-2815.4 = 1431.33

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