The answer would be:
1. The quantity that represents the initial value of the house:445,000
2. The quantity that represents the rate which the value of the house increasing is: 1.02
3. Which means the growth rate of the value of the house is: 2%
4. The quantity that represents the number of times the value of the house increase each year is: 12
This question is about exponent function. The function in this question is following a pattern of f(x)= a(b)^t In this function, a is the initial/starting quantity and b is the base of the exponent and t is the time.
If we looking at the function given 445,000(1.02)^12t
then the value of every variable would be:
a= initial value = 445,000
b= base= 1.02 = 102%
Since the base is 102%, we can say that it was growing by 2%
The time used is 12t which means the money increase 12 times every year.
