Question
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.)
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