A two-bedroom house in Seattle was worth $400,000 in 2005. If it appreciates at a rate of 3.5% each year: Homework Help ✎
How much will it be worth in 2015?
When will it be worth $800,000?
In Jacksonville, houses are depreciating at 2% per year. If a house is worth $200,000 now, how much value will it have lost in 10 years?
Write an equation based on the general exponential equation: y = abx
In the equation you found in part (a), let y = 800,000.
The multiplier is NOT 0.02. What percent of the value of a home remains each year if it is depreciating at 2%?