MCR3U Unit 4: Exponential Functions Test Thinking and Inquiry (15 marks) 1. The median house price in Waterloo Region increased by 3.6% from Jan 1, 2018 to Jan 1, 2019. A home was purchased in Waterloo Region on April 1, 2019 for $600,000. (a) Assume this trend continues, write an exponential equation that models the Resale Value of this home over time. [2 marks] (b) At this rate, determine the date of the resale price of the home would reach $1 million (Show your work to accurate to the nearest month) [2 marks] (c) Use your exponential equation to determine the expected resale value of the home on April 1, 2020. [2 marks]