document.write( "Question 129565: Michael purchased a Wayne Gretzkey rookie card for $3.50 in 1985. In 2008 the card is worth $58.19. What is the annual rate of appreciation??? I think it is 1.3%. Can someone please help me ??? \n" ); document.write( "
Algebra.Com's Answer #94817 by scott8148(6628)![]() ![]() You can put this solution on YOUR website! your decimal point is in the wrong place\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "(present value)=(starting value)(1+((percent appreciation)/100))^(time)\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "let x=\"%/100\" __ 58.19=3.5(1+x)^23\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "dividing by 3.5 and taking log __ log(58.19/3.5)=(23)log(1+x)\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "dividing by 23 __ (log(58.19/3.5))/23=log(1+x)\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "taking antilog and subtracting 1 __ 10^((log(58.19/3.5))/23)-1=x \n" ); document.write( " |