The Price in Dollars of a House During a Period

question 172

Short Answer

The price in dollars of a house during a period of mild inflation is described by the formula , where t is the number of years after 1990. How many years will it take for the house to triple in value? Round to the nearest year.

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Definitions:

Real Per Capita GDP

The measure of a country's economic output that accounts for its number of people and adjusts for inflation, indicating the average economic well-being of its citizens.

Net Exports

The value obtained by subtracting a country's total value of imports from its total value of exports, representing a component of a country's GDP.

Real GDP

Real GDP measures the value of all final goods and services produced within a country's borders in a given time period, adjusted for inflation.

GDP Deflator

An index reflecting the price levels for all newly produced, domestic, final goods and services within a country.