Answer:
[tex]V = P(1+\frac{8}{100} )^{t}[/tex]
V = 524618.77
Step-by-step explanation:
If the homes in Arizona have appreciated an average of 8% per year rate in the last year,
If the average home in a suburb sold for 225000 in 2019, then after t years since 2019, the value will be [tex]V = 225000(1+\frac{8}{100} )^{t}[/tex]
Therefore, the equation of model is [tex]V = P(1+\frac{8}{100} )^{t}[/tex]. (Answer)
Now, in the year 2030, t will become (2030 - 2019) = 11 years,
[tex]V = 225000(1+\frac{8}{100} )^{11}[/tex]
⇒ V = 524618.77 (Answer)
