A Home Purchased for $105,000 Increases by 3% of Its $a _ { n } = 105,000 ( 1.03 ) ^ { n } \text { for } n \geq 1$

question 23

Multiple Choice

A home purchased for $105,000 increases by 3% of its value each year. The value of the home after n years is given by $a _ { n } = 105,000 ( 1.03 ) ^ { n } \text { for } n \geq 1$ Find the value of the home after 5 years by computing $a _ { 5 }$ . Round to the nearest dollar.

• A) \(a _ { 5 } = \$ 121,724\)
• B) \(a _ { 5 } = \$ 3,898,580\)
• C) \(a _ { 5 } = \$ 389,858\)
• D) \(a _ { 5 } = \$ 1,217,238\)

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Definitions:

Portraiture

The art of creating representations of individuals, capturing their physical appearance and often aspects of their personality or status, through mediums such as painting, sculpture, or photography.

Plateresque Facades

Architectural facades characteristic of the Spanish Renaissance, adorned with intricate, ornamental designs that resemble silverwork (plateresque).

Carved Retable

A decorative element placed above and behind an altar, often intricately carved and used as a backdrop for liturgical objects.

Materialism

A philosophical viewpoint that regards material and physical objects, as well as the physical universe, as the only things that truly matter.