Exponential Growth and House Value

The video tutorial explains how to calculate the annual growth rate of a house's value from 1994 to 2007 using exponential growth equations. It demonstrates converting the growth rate to a percentage and predicting the house's value in 2010. The tutorial uses mathematical equations and calculator functions to solve the problem, emphasizing the importance of understanding exponential growth in real-world applications.

What was the initial value of the house in 1994?

• $105,000

• $165,000

• $150,000

• $120,000

Which year is considered the base year in this problem?

• 2010

• 2000

• 1994

• 2007

What is the equivalent form of the exponential growth equation used in the video?

• P = A * B + t

• F(t) = A * t^B

• P = A + B * t

• F(t) = A * B^t

In the exponential growth equation, what does 'n' represent?

• Final value

• Initial value

• Time period

• Growth rate

How is the growth rate 'R' isolated in the equation?

• By multiplying both sides by 13

• By adding 1

• By dividing both sides by the initial value

• By subtracting 1

What is the approximate decimal value of the growth rate 'R'?

• 0.0354

• 3.54

• 0.00354

• 0.354

How do you convert a decimal growth rate to a percentage?

• Multiply by 100

• Divide by 100

• Add 100

• Subtract 100

What is the predicted value of the house in 2010, rounded to the nearest thousand?

• $165,000

• $150,000

• $183,000

• $200,000

What is the time period 'n' used for calculating the house value in 2010?

• 10 years

• 16 years

• 20 years

• 13 years

Why is it important to round the final house value to the nearest thousand?

• To reduce errors

• To match the problem's requirements

• To simplify calculations

• To increase accuracy