SOLUTION: Greg bought a gold coin for $9,000. If the value of the ring increases at a constant rate of 1.79% per year, how many years will it be for the ring to be worth $17,978.02?

Question 197691: Greg bought a gold coin for $9,000. If the value of the ring increases at a constant rate of 1.79% per year, how many years will it be for the ring to be worth $17,978.02?
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

The increasing rate of Gold Coin follows:
, where

Substituting:

, let us say 56 years

*One good way to check on this is by graphing.

Let us appoint the following:
&
It follows,
Via Point Slope Form,

Thru point & , (0,9000)
, Slope-Intercept Form

, Y-Intercept

It follows ---> , Line Eqn

Thank you,
Jojo
RELATED QUESTIONS
You buy a commemorative coin for $20. The value of the coin increases at a rate of 3.5%... (answered by Alan3354)
You buy a commemorative coin for $20. The value of the coin increases at a rate of 3.5%... (answered by Aldorozos,josmiceli)
The value of a gold coin picturing the head of the Roman Emperor Domitian is increasing... (answered by Alan3354)
The value of a gold coin picturing the head of the Roman Emperor Domitian is increasing... (answered by josmiceli)
You buy a commemorative coin for 25$ The value of the coin increases at 3.25% per year.... (answered by josmiceli)
Bobbi bought a used car for $7,200. The car’s value decreases at a constant rate each... (answered by Edwin McCravy)
Carl bought a car for $5,000. The value of the car is decreasing by 9% each year. Janet... (answered by josgarithmetic,MathTherapy)
A book collector bought a first edition of " The Picture of Dorian Grey" by Oscar Wilde... (answered by ikleyn)
You buy a commemorative coin for $25. The Value of the coin increases 3.25% per year. How (answered by lwsshak3)