a home’s value increases at an average rate of 5.5% each year. the current value is $120,000. what function…

a home’s value increases at an average rate of 5.5% each year. the current value is $120,000. what function can be used to find the value of the home after x years?\n$f(x)=120,000(1.055x)$\n$f(x)=120,000(0.055)^x$\n$f(x)=120,000(1.055)^x$\n$f(x)=(120,000)(1.055)^x$

a home’s value increases at an average rate of 5.5% each year. the current value is $120,000. what function can be used to find the value of the home after x years?\n$f(x)=120,000(1.055x)$\n$f(x)=120,000(0.055)^x$\n$f(x)=120,000(1.055)^x$\n$f(x)=(120,000)(1.055)^x$

Answer

Explanation:

Step1: Recall compound - growth formula

The formula for compound - growth is $A = P(1 + r)^t$, where $P$ is the initial amount, $r$ is the growth rate as a decimal, and $t$ is the number of time periods.

Step2: Identify values

Here, the initial value of the home $P=$120000$, the growth rate $r = 5.5%=0.055$, and the number of years is $x$.

Step3: Substitute values into formula

Substituting $P = 120000$, $r=0.055$ into the formula $A = P(1 + r)^t$, we get $f(x)=120000(1 + 0.055)^x=120000(1.055)^x$.

Answer:

C. $f(x)=120000(1.055)^x$