Question

The following table shows the average price of a two-bedroom apartment in uptown New York City during the real estate boom from 1994 to 2004.

t	0 (1994)	2	4	6	8	10 (2004)
Price ($ million)	0.18	0.18	0.19	0.2	0.35	0.4

(a) Use exponential regression to model the price P(t) as a function of time t since 1994. (Round the coefficients to 3 decimal places.)

P(t) =

Select a sketch of the points and the regression curve.

(b) Extrapolate your model to estimate the cost of a two-bedroom uptown apartment in 2007. (Round your answer to two decimal places.)
$  million

Answer 1

(a)

we can use calculator

and we get

now, we can set up equation

Graph:

(b)

we can plug t=13

.........Answer