Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual average price per square foot for office space in a city was $31.44 in 2004, and it was $67.93 in 2015. Complete parts

The annual average price per square foot for office space in a city was $31.44 in 2004, and it was $67.93 in 2015. Complete parts (a) through (c) below.

(a) Find an exponential function of the form f(t)=y0bt to model these data in which t=0 corresponds to 2004.

f(t)=31.44 left parenthesis 1.073 right parenthesis Superscript t31.44(1.073)t

(Use integers or decimals for any numbers in the expression. Round to the nearest thousandth as needed.)

(b) If the model remains accurate, what was the predicted rent per square foot in 2016?

If the model remains accurate, the predicted rent per square foot in 2016 was

$73.2373.23.

(Round to the nearest hundredth as needed.)

(c) By experimenting with different values (or using a graphing calculator to solve an appropriate equation), estimate the first full year in which the price per square foot exceeded

$47.

The first full year in which the price per square foot exceeded

$47 was _____.

(Type a whole number.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Measure Theory

Authors: Carlos S Kubrusly

1st Edition

3319225065, 9783319225067

More Books

Students also viewed these Mathematics questions

Question

How would you describe Mark Zuckerberg as a team leader?

Answered: 1 week ago