Determine whether the growth (or decay)is linear or exponential, and answer the associated question.
-The value of your house is rising by 19% per year. If it is worth $319,738 today, what will it be worth in three years?
A)Exponential; $384,416.96
B)Linear; $441,238.44
C)Exponential; $538,809.37
D)Linear; $501,988.66

Question

Quizplus · Accepted Answer

Exponential growth occurs when the increase is proportional to the current amount, meaning it grows by a constant percentage (in this case, 19% per year). To calculate the future value of the house after 3 years, you use the formula for exponential growth: Future Value = Present Value * (1 + rate)^time. Here, it's $319,738 * (1 + 0.19)^3, which equals approximately $538,809.37.

Determine Whether the Growth (Or Decay)is Linear or Exponential, and Answer