Answer:
Step-by-step explanation:
Use the compound amount formula: A = P(1 + r)^t, where r is the annual interest rate as a decimal fraction, P is the initial amount of money, and t is the time in years. Then:
A = ($240,000)(1 + 0.04)^12 (that's 12 years past 2008)
= ($240,000)(1.04)^12 = $384,247.73
Growth rate: 4%, or 0.04
Independent variable: time (t)
Dependent variable: appreciated value of the house, A
Domain: [0, 30) (assuming that the house is sold within 30 years)
Range: [$240,000, infinity) (the house will never sell for an infinite price)
