Answer
$f(t)=198e^{-0.076t} \quad $thousand dollars
For the year 2011, median selling price: $\quad{{\$}} 157,632.60$
For the year 2013, median selling price: $\quad{{\$}} 135,404.55$
Work Step by Step
Continuous growth model:$\quad f(t)=Ae^{rt}$
(The model becomes continuous decay if r is negative.)
We are given
$\left\{\begin{array}{ll}
r=-0.076 & \text{(decline=decay)}\\
A=198 &
\end{array}\right.$
and $t$ represents years after 2008.
We have:
$f(t)=198e^{-0.076t} \quad $thousand dollars
For the year 2011, $t=3$
$f(t)=198e^{-0.076(3)}\approx 157.63260$ thousand dollars
or, ${{\$}} 157,632.60$
For the year 2013, $t=5$
$f(t)=198e^{-0.076(5)}\approx 135.40455 $ thousand dollars
or, ${{\$}} 135,404.55$
