MckenEe M.

asked • 05/25/17

1. The value of a painting can be predicted by the expression 120(1.08)t, where t is the number of years since 2014. What does the value 120 represent?

Help me please 

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Andrew M. answered • 05/25/17

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Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

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This is a question of exponential growth.
You have a painting worth $120 originally.
Each year the value increases by 8%.
Future value after t years is found by:
 
F = V0(1+.08)t
 
V0 is original value = $120
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Andrew M.

If asked what the value is in 2017, which 
is 3 years after 2014, that would be:
 
F = 120(1.08)3 = $151.17
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05/25/17

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