Álgebra 2 Word Problem about Van Gogh painting

Question

Vincent Van Gogh’s painting “Irises” was auctioned for 53.9 million dollars in 1987. Suppose that it sol do for $50 in 1889, when it was painted. Assuming exponential growth, by what percent did its value increase each year?

Answer 1

53,900,000 = 50e^98r

1,078,000 = e^98r

ln1,078,000 = 98r

ln1,078,000/98 = r

 

Throw the left side in your calculator for your answer, then multiply by 100 to get the percentage.