SOLUTION: A rare car appreciates at a rate of 3.2% annually. If the current amount in 58,000, after how many years will its value exceed 75,000 mark? Also, show the formula that will model t

Question 880299: A rare car appreciates at a rate of 3.2% annually. If the current amount in 58,000, after how many years will its value exceed 75,000 mark? Also, show the formula that will model the value of the car after T years.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A rare car appreciates at a rate of 3.2% annually. If the current amount in 58,000, after how many years will its value exceed 75,000 mark? Also, show the formula that will model the value of the car after T years.
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Assuming it appreciates continuously,

0.032t = ln(75/58)
t = ln(75/58)/0.032 years
Calculator work from there
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