Answer:
Growth rate is 17%
2025 value is $76
Step-by-step explanation:
Here, we want to determine the annual growth rate
The general equation form is;
F = l( 1 + r)^n
where F is the future value
I is the initial value
r is the growth rate
n is the numbering years
To get the growth rate, we simply equate what we have in the bracket to 1 + r
Thus;
1 + r = 1.17
r = 1.17-1
r = 0.17
0.17 is same as 17/100 which is same as 17%
Secondly, we want to get the value of the book in 2025
What we have to do here is to substitute (2025-2000) for t which is 25
We have;
V(t) = 1.50(1.17)^25
V(25) = 75.986 which is approximately 76
We will see that the annual growth rate is of 17%, and in the year 2025, the value will be $75.99.
Exponential growth functions:
A general exponential growth can be written as:
f(x) = A*(1 + r)^x
Where A is the initial value and r is the growth rate. Now we can rewrite our function to get:
V(t) = 1.50*(1 + 0.17)^t
Then you can see that the growth rate is 0.17, or 17% in percentage form (to get it just multiply it bt 100%).
To get the value of the comic book in 2025 you just need to evaluate the function in t = 25 (25 years after the 2000).
V(25) = 1.50*(1 + 0.17)^25 = 75.99
So the value in 2025 is $75.99
If you want to learn more about exponential equations, you can read:
https://brainly.com/question/11832081
