(8 points)
GramHome is a growing online vacation rental home marketplace that allows their clients to display their available rentals for customers to browse. The total number of vacation homes posted in their marketplace is modeled by H(t) = 21t thousand homes, where t is the number of years after 2004.
a) In 2004, GramHome initially began with 0 vacation homes in their online marketplace. This total is increasing at a continuous percent growth rate of b.
b) In 2007, GramHome had 63 vacation homes posted on their site. Hint: round the output to 3 decimal places, then convert to a whole number of homes.
c) Solve for the value of t so that H(t) = 150 and round to 3 decimal places. Then use this to complete the following sentence (notice you will need to round up to the next full year).
H(t) = 150 when t = 7.143
This means that the first year that GramHome will have at least 150,000 vacation homes will be 2012.
Note: You can earn partial credit on this problem.