Question

A collector’s item is purchased for $150 and its value increases by 3% each year. Which graph can be used to determine approximately how many years it will take for the value to double?

Draw a graph to show your work.

Answer 1

ITS B!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 2

we are given

A collector’s item is purchased for $150

so,

`P=150`

its value increases by 3% each year

so,

`r=0.03`

t is time in years

Let's assume cost of item after t years is C(t)

so, we can use formula

`C(t)=P(1+r)^(t)`

now, we can plug values

`C(t)=150(1+0.03)^(t)`

`C(t)=150(1.03)^(t)`

so, equation is

`C(t)=150(1.03)^(t)`

After doubling

C(t)=2*150=300

so, we can set C(t)=300

and then we can solve for t

`300=150(1.03)^(t)`

we get

`t=23.44977`

so, doubling time is 23.44977 years.........Answer

Graph:

we can draw graph of

`C(t)=150(1.03)^(t)`