Question

The average price of a two-bedroom apartment in the uptown area of a prominent American city during the real estate boom from 1994 to 2004 can be approximated by

p(t) = 0.11e^0.10t million dollars    (0 ≤ t ≤ 10)

where t is time in years (t = 0 represents 1994). What was the average price of a two-bedroom apartment in this uptown area in 2002, and how fast was the price increasing? (Round your answers to two significant digits.) HINT [See Quick Example 14.]

p(8)=$  millionp'(8)=$  million per year

Answer 1