5615 E Help Question Aparting sold for szs1in19me and was so

56.15 E Help Question Aparting sold for szs1in19me and was sold again in 1966 for SA89. Assumethat the growth in the value v ofthe collectors item was exponential. Find the value kof the exponentialgrowth rate.Assume Vo 231. (Round to the nearest thousandth) Enter your answer in the answer box and then otick Check Answer MacBook Air

Solution

Price in 1979 :$231 assuming t = 0

Price in 1986: $489 and t = 7 yrs

V_t =V₀ e^kt

V₇ = V₀ e^7k

489 = 231 * e ^7k

2.1169 =  e ^7k

K = ln (2.1169)/7 = 0.107