Question

Fred purchased a piece of artwork for 6200, and it is expected to increase in value by 5% per year. Write a function y to represent the value of the piece of artwork after v years.

Answer 1

Answer:

y = a(1 + r) ^v

y = 6200( 1 + 0.05)^v

y = 6200(1.05)^v

Step-by-step explanation:

Fred purchased a piece of artwork for 6200, and it is expected to increase in value by 5% per year. Write a function y to represent the value of the piece of artwork after v years.

The function we can used to represent the above question is given as Exponential Growth function.

Where the number of years = v

The value of the artwork = y

y = a(1 + r) ^v

Where

a = Initial value of the artwork = 6200

r = Growth rate = 5% = 0.05

v = number of years

Therefore, the function y to represent the value of the piece of artwork after v years is written as:

y = 6200( 1 + 0.05)^v

y = 6200(1.05)^v