The price in dollars of a house during a period of mild inflation is described by the formula P(t)=94000 e0.03 t, where t is the number of years after 1990. Answer the following questions:

Question

B. In the year 2000 the value will be increasing at a rate of dollars per year. (Round your answer to the nearest dollar.)

C.How long will it take for a house to double in value? Answer: years. (Round your answer to two decimal places.)

Answer 1

The equation is 94000e^(0.03t)