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

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

$C(t)=150(1.03)^{t}$

Answer 2

Answer:

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