SOLUTION: Susan purchased a painting in the year 2000 for $5000. Assuming an exponential rate of inflation of 3.5% per year, how much will the painting be worth 6 years later?
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Question 1115872: Susan purchased a painting in the year 2000 for $5000. Assuming an exponential rate of inflation of 3.5% per year, how much will the painting be worth 6 years later?
You can put this solution on YOUR website! (rounded)
Each year, the inflation-adjusted value would be the value from the year before.
In math class, we worship the irrational number ,
so we like to express exponentials in terms of . ,
so we could say the value after years is ,
and after years it would be .
