Question

Certain pieces of antique furniture increased very rapidly in price in the 1970s and 1980s. For example, the value of a particular rocking chair is well approximated by V=150(1.65)^t where V is in dollars and t is the number of years since 1975. Find the rate, in dollars per year, at which the price is increasing.

Answer 1

Based from the data within the given problem, the rate in dollars per year at which the price is increasing is 150*ln(1.65)*1.65^t. I am hoping that this answer has satisfied your query about this specific question, thank you and have a nice day.

Answer 2

Answer:

The price is increasing by 65% per year.

Step-by-step explanation:

Since, the exponential growth function,

$f(x) = a(1+r)^x$

Where,

a = initial value,

r = rate of increasing per period,

x = number of periods,

Here, the given function,

$V=150(1.65)^t$

$\implies V=150(1+0.65)^t$

Where,

t = number of years,

By comparing,

r = 0.65,

i.e. the rate of increasing per year = 0.65 = 65%