find the estimate rate of change of the painting's value in 2026.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 29PT: A radiation safety officer is working with 112 grams of a radioactive substance. After 17 days,...
icon
Related questions
icon
Concept explainers
Topic Video
Question

In​ 2004, an art collector paid ​$62,817,000 for a particular painting. The same painting sold for ​$31,000 in 1950. Complete parts​ (a) through​ (d).

I would like to know how to find the estimate rate of change of the painting's value in 2026.

In 2004, an art collector paid $62,817,000 for a particular painting. The same painting sold for $31,000 in 1950. Complete parts (a) through (d).
a) Find the exponential growth rate k, to three decimal places, and determine the exponential growth function V, for which V(t) is the painting's value, in dollars, t
years after 1950.
V(t) = 31000 e 0.141t|
(Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)
b) Predict the value of the painting in 2026.
$ 1397000000
(Round to the nearest million as needed.)
c) Estimate the rate of change of the painting's value in 2026.
dollar(s) per year.
(Round to the nearest million as needed.)
Transcribed Image Text:In 2004, an art collector paid $62,817,000 for a particular painting. The same painting sold for $31,000 in 1950. Complete parts (a) through (d). a) Find the exponential growth rate k, to three decimal places, and determine the exponential growth function V, for which V(t) is the painting's value, in dollars, t years after 1950. V(t) = 31000 e 0.141t| (Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.) b) Predict the value of the painting in 2026. $ 1397000000 (Round to the nearest million as needed.) c) Estimate the rate of change of the painting's value in 2026. dollar(s) per year. (Round to the nearest million as needed.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning