Given model is \(y=192(0.96)^t\)
Rewrite the above model as \(y=192(1-0.04)^t\)
Compare the model \(y=192(1-0.04)^t\) with it's standard form
\(y=a(1-r)^t\) and obtain that r=0.04 and a=192
Now substitute y=161 and solve for t as follows.
1.The model for the value of a home represents exponential decay.
2.The annual percent increase or decrease in the value of the home is 4%.
3.The value of the home will be approximately $161,000 in the year 2014.