Answer: 36 years
Step-by-step explanation:
Exponential equation to represent growth:-
, where A is the initial value , r is the rate of growth and t is the time period.
Given : A rare coin appreciates at a rate of 5.2% a year. If the initial value of the coin is $500.
i.e. Put A= 500 and r= 0.052 in the above formula.
The amount after t years:
Inequality for value cross $3,000 mark:
Divide both sides by 500
Taking log on both sides , we get
Hence, it will take approx 36 years to cross the $3,000 mark.