Question

PLEASE HELP
Ethan bought a house in Madison, Wisconsin in 2003. The value of the house, in dollars, t years after 2003, can be calculated using the expression below.

Answer 1

The exponent function should look like a=b(c)^n where
a= the amount after n time
b= initial amount
c= increase/decrease ratio
n= time
Then for an= 445,000(1.02)^12t the answer would be

The quantity that represents the initial value of the house is 445,000
The quantity that represents the rate at which the value of the house increasing is 1.02, which means the growth rate of the house is 2%
The quantity that represents the number of times the value of the house increase each year is 12

Answer 2

The answers are:

1. 445000
2. 1.02
3. 2
4. 12

The initial starting price is 445,000 because in the equation 445,000 is the base number that is multiplied by the growth rate.

The starting price is multiplied by 1.02, the value at which the house is increasing.

1.02 means increasing at a rate of 2%.

This is correct on plato.