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In 2004, an art collector paid $84,275,000 for a particular painting. The same painting sold for $27,000 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) = (Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)

In 2004, an art collector paid $84,275,000 for a particular painting. The same painting sold for $27,000 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) = (Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter6: Exponential Functions And Sequences
Section: Chapter Questions
Problem 8CA
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In 2004, an art collector paid $84,275,000 for a particular painting. The same painting sold for $27,000 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) = (Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)
Transcribed Image Text:In 2004, an art collector paid $84,275,000 for a particular painting. The same painting sold for $27,000 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) = (Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)
Expert Solution
Step 1

let the equation be

V(t)=V0ektwhere 

V0 be the initial painting valuet be the timek be the rateV be the painting value after t years

let  t=0 for 1950   

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