I need help with an algebra 2 word problem!

Question

You want to make at least $5000 when you sell your car super rare baseball card. If you originally purchased the card for $2000, and it increased at a rate of 15% per year, will it be worth more than $5000 after 10 years? Explain what this answer means. Thank you!

Answer 1

Let V(t) = value of the card in t years

 

V(t) = 2000(1 + 0.15)^t = 2000(1.15)^t

 

Value in 10 years = V(10) = 2000(1.15)¹⁰ = $8091.12