Question

the initial market value of the condo is $
the percent increase per year of the market value of the condo is %
the interval on which martin owned the condo is x 3 %

Explanation:

Step1: Identify initial value (x=0)

At \( x = 0 \) (years since 2001), the y - axis (market value) is \( \$200,000 \). So initial market value is \( \$200,000 \).

Step2: Find growth rate (exponential growth)

Assume exponential growth \( y = a(1 + r)^x \), \( a = 200000 \). At \( x = 2 \), suppose y is \( 220000 \) (from graph trend). Plug into formula: \( 220000=200000(1 + r)^2 \). Divide both sides by 200000: \( 1.1=(1 + r)^2 \). Take square root: \( 1 + r=\sqrt{1.1}\approx1.0488 \), so \( r\approx4.88\% \approx 5\% \) (approximate from graph slope). But more accurately, if at \( x = 10 \), y is \( 320000 \) (from graph), \( 320000 = 200000(1 + r)^{10} \), \( (1 + r)^{10}=\frac{320000}{200000}=1.6 \), \( 1 + r = 1.6^{1/10}\approx1.0481 \), so \( r\approx4.81\% \approx 5\% \).

Answer:

Initial market value: \(\$200,000\); Percent increase per year: ~\(5\%\) (exact value depends on graph points, but typical for such problems, initial is \(\$200,000\) and growth rate ~\(5\%\)).